London, July 24 Prime Minister Narendra Modi’s visit to the UK will be remembered for years to come, said Union Commerce Minister Piyush Goyal on Thursday, adding that in a short period, significant discussions took place between PM Modi and British Prime Minister Keir Starmer.
Speaking to IANS here, Goyal said a wide range of topics were covered - whether it was trade, investment, export controls, defence cooperation, or how we can collaborate in artificial intelligence (AI).
On the landmark India-UK Free Trade Agreement (FTA), Union Minister said, "It will take a few months to implement, but businesses now have the certainty that this is going to happen”.
“Based on that, they will start involving India in their supply chains, developing products, placing orders, and ensuring quality - all these activities will now begin. Investments will also start flowing in due to this certainty,” the minister informed.
Beyond traditional sectors, the pact is expected to boost engineering goods, electronics, pharma, chemicals, plastics, and food processing industries -- all critical to India’s manufacturing future. It will also make high-quality UK goods more affordable for Indian consumers.
The services sector, one of India’s economic powerhouses, is set to gain from better access to UK markets in IT, finance, education, and legal services. Simplified visa rules and liberal entry norms will ease the path for Indian chefs, yoga instructors, musicians, business visitors, and professionals across sectors, according to Goyal.
Another key highlight is the Double Contribution Convention, which exempts Indian professionals and their employers from paying social security contributions in the UK for three years.
Goyal called it a “significant breakthrough” that enhances the cost competitiveness of Indian talent abroad. The agreement also opens doors for Indian startups, providing them access to UK investors and innovation hubs, thereby expanding their global footprint.
--IANS
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