Business Desk: Recently, India and UK signed a massive trade deal, which is likely to bring mutual benefits to both the economies in various sectors.
One of the world’s growing economies, India have slashed import taxes of multiple UK goods. This includes whisky, cosmetics, aerospace, medical, lamb, salmon, electrical machinery, cars, soft drinks, chocolates, biscuits. Besides, imported products from Inda like clothes, footwears, prawns are set to become cheaper in Britain.
Likewise, Britain have waived the national insurance tax for Indian workers for three years, with simultaneous benefit for UK workers in India too.
By posting a video on social media UK Prime Minister Keir Starmer has said that it is the biggest trade del the UK has done since the Brexit, that would improve the living standards of Brits and put money in their pockets.
Likewise, Indian Prime Minister Narendra Modi said that it is a historic milestone for both the nations that will further the comprehensive strategic partnership between UK-India, besides catalysing trade, investment, growth, job creation and innovation in both the economies.
Both India and UK are socially and economically dependent across several fronts. India’s vast consumer base offers an attractive market for UK products. While UK offers advance tech, education, and a key market for export and investments. How this trade deal would be beneficial in practice remains to be seen.
Sources: metro.co.uk, @Keir_Starmer/X, @narendramodi/X
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