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India-UK trade deal: Indian textile, gems & jewellery sectors to benefit; medical devices to get cheaper, says PM Modi | Current Affairs | Vision IAS

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India-UK trade deal: Indian textile, gems & jewellery sectors to benefit; medical devices to get cheaper, says PM Modi

2 min read

India-UK Trade Deal Overview

Prime Minister Narendra Modi announced the signing of a significant trade deal between India and the UK, emphasizing its multifaceted benefits and strategic importance.

Key Benefits and Sectors Affected

  • Economic Sectors:
    • Textile, gems, and jewellery industries are set to benefit significantly.
    • Micro, Small and Medium Enterprises (MSMEs) will gain from improved market access.
  • Access to Goods:
    • Indians will be able to access medical devices and aircraft parts at more affordable prices.
  • Service Sector Impact:
    • A Double Contributions Convention will enhance technology and finance sectors.
    • It will simplify business processes and boost confidence in economic activities.
  • Global Influence:
    • The deal supports global stability by fostering cooperation between two major global economies.

Vision 2035 and Strategic Initiatives

Vision 2035 aims to nurture an ambitious partnership across multiple fields.

  • Technology, defence, climate, education, and people-to-people connectivity are key focus areas.
  • Six UK universities will establish campuses in India, enhancing educational collaboration.

Economic Impact and Future Prospects

  • Projected to increase bilateral trade by nearly 39%, equating to $34 billion a year.
  • Tariff elimination will cover approximately 99% of tariff lines, boosting trade value.

Defence and Security Cooperation

  • A defence industrial roadmap includes collaboration on technology security initiatives.
  • Commitment to joint development in AI, semiconductors, and cybersecurity.

Global Peace and Stability

  • India and the UK are committed to peace in the Indo-Pacific, Ukraine, and West Asia regions.
  • Advocacy for respecting sovereignty and territorial integrity.

This trade deal marks a significant step in integrating India's and the UK's advanced service sectors and opens new pathways for economic growth and collaboration.

  • Tags :
  • MSME
  • India-UK
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