Seventy seven per cent of UK firms surveyed by the UK India Business Council (UKIBC) for its recent report titled 'Road to a UK-India Free Trade Agreement: Enhancing the Partnership and achieving Self-Reliance' stated that ‘Aatmanirbhar Bharat’ is an opportunity for them to engage in more business with India. A minority of businesses did, however, view the policy as protectionist.
Both governments have not only agreed on an Enhanced Trade Partnership, but have committed to start free trade agreement (FTA) negotiations by the end of this year to double trade by 2030. The report sets out how a comprehensive UK-India FTA should accelerate self-reliance and why international investors' perceptions of Aatmanirbhar Bharat should be wholly positive.Seventy seven per cent of UK firms surveyed by the UK India Business Council for its report 'Road to a UK-India Free Trade Agreement: Enhancing the Partnership and achieving Self-Reliance' stated that 'Aatmanirbhar Bharat' is an opportunity for them to have more business with India. A minority of businesses did, however, view the policy as protectionist.#
“The report includes five recommendations that the UKIBC believes would support the Aatmanirbhar Bharat campaign's success and deliver the objectives of the Enhanced Trade Partnership and FTA. They include a sharp focus on innovation and on digital and data sectors and an assertion that while self-reliance is pragmatic, especially in a post-pandemic world, India should remain open to free and fair trade,” UKIBC chair Richard Heald said in a statement.
"India, in its self-reliant campaign, is aiming to play a greater role in manufacturing supply chains. This is the right ambition and certainly plays to India's strengths. To succeed, I think India will need to be an import as well as an export hub as components flow from all over the world. So, keeping tariffs and other barriers to entry low or, indeed, removing them, will really help India to achieve its objective,” UKIBC managing director Kevin McCole said.
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