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Time of India
5 days ago
- Business
- Time of India
India opens accounting, auditing services under trade pact with UK: GTRI
India has opened key segments of its services sector to British firms, granting access in areas, such as accounting, auditing, financial services, telecom and auxiliary air transport, think tank GTRI said on Thursday. However, all key areas of India's interest like IT, business services such as management consultancy, advisory, professional including accountancy, engineering, telecom, financial, education and health are covered in the pact. Explore courses from Top Institutes in Please select course: Select a Course Category Cybersecurity Design Thinking Project Management Management Data Science Leadership Product Management Artificial Intelligence Digital Marketing Public Policy Others PGDM Data Analytics Technology CXO Finance MCA others Degree Data Science Skills you'll gain: Duration: 10 Months MIT xPRO CERT-MIT xPRO PGC in Cybersecurity Starts on undefined Get Details It said the UK companies can now offer telecom, construction, and related services in India without needing to establish a local presence, and they are entitled to national treatment, meaning they will be treated on par with Indian firms. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like No annual fees for life UnionBank Credit Card Apply Now Undo India also agreed to recognise UK professional qualifications in select fields like law and accounting (though legal services remain closed), the Global Trade Research Initiative (GTRI) said. While India has made commitments on market access across 108 sub sectors in services, the UK has made commitments across 137 sub sectors, practically covering more than 99 per cent of India's exports, a commerce ministry official said. Live Events The agreement, the GTRI said, ensures no caps on the number of UK service providers, and offers commercial presence rights (Mode 3) across multiple domains. However, India retained key regulatory carve-outs, especially in legal services, taxation, and national security, and still lacks full mutual recognition frameworks in most regulated professions. "In contrast, the UK's services offer to India is more cautious and limited in scope," GTRI Founder Ajay Srivatava said, adding that while it grants commercial presence rights in sectors like computer services, consultancy, and environmental services, its commitments on professional mobility are modest. The UK has offered an annual quota of 1,800 visas for niche roles like yoga instructors and classical musicians, but it has not made binding commitments on broader visa categories, including business visitors or IT professionals. "The UK's refusal to restore post-study work visas is a disappointment for Indian students, and the FTA does not override the UK's points-based immigration system -- meaning Indian professionals must still meet regular education, salary, and job offer thresholds," Srivastava said. A key positive is the Double Contribution Agreement, which allows over 75,000 Indian workers on short UK assignments to continue paying into India's social security system without dual contributions. "However, this is a temporary fix, and a comprehensive totalisation agreement remains pending. Overall, the UK's services package shows reluctance to ease mobility for Indian professionals -- one of India's core demands," he added.
News18
5 days ago
- Business
- News18
India opens accounting, auditing services under trade pact with UK: GTRI
Agency: New Delhi, Jul 24 (PTI) India has opened key segments of its services sector to British firms, granting access in areas, such as accounting, auditing, financial services, telecom and auxiliary air transport, think tank GTRI said on Thursday. However, all key areas of India's interest like IT, business services such as management consultancy, advisory, professional including accountancy, engineering, telecom, financial, education and health are covered in the pact. It said the UK companies can now offer telecom, construction, and related services in India without needing to establish a local presence, and they are entitled to national treatment, meaning they will be treated on par with Indian firms. India also agreed to recognise UK professional qualifications in select fields like law and accounting (though legal services remain closed), the Global Trade Research Initiative (GTRI) said. While India has made commitments on market access across 108 sub sectors in services, the UK has made commitments across 137 sub sectors, practically covering more than 99 per cent of India's exports, a commerce ministry official said. The agreement, the GTRI said, ensures no caps on the number of UK service providers, and offers commercial presence rights (Mode 3) across multiple domains. However, India retained key regulatory carve-outs, especially in legal services, taxation, and national security, and still lacks full mutual recognition frameworks in most regulated professions. 'In contrast, the UK's services offer to India is more cautious and limited in scope," GTRI Founder Ajay Srivatava said, adding that while it grants commercial presence rights in sectors like computer services, consultancy, and environmental services, its commitments on professional mobility are modest. The UK has offered an annual quota of 1,800 visas for niche roles like yoga instructors and classical musicians, but it has not made binding commitments on broader visa categories, including business visitors or IT professionals. 'The UK's refusal to restore post-study work visas is a disappointment for Indian students, and the FTA does not override the UK's points-based immigration system — meaning Indian professionals must still meet regular education, salary, and job offer thresholds," Srivastava said. A key positive is the Double Contribution Agreement, which allows over 75,000 Indian workers on short UK assignments to continue paying into India's social security system without dual contributions. 'However, this is a temporary fix, and a comprehensive totalisation agreement remains pending. Overall, the UK's services package shows reluctance to ease mobility for Indian professionals — one of India's core demands," he added. PTI RR TRB view comments First Published: July 24, 2025, 22:00 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
