India and UK Trade Deal
A long -stalled free trade agreement (FTA) deal between India and the United Kingdom (UK) may finally be signed next week. This is expected to benefit from common people to businessmen and exporters. According to government officials, through this deal, a target has been set to double the trade between the two countries by 2030 to about $ 120 billion.
Export will be promoted from India
The biggest benefit of this agreement will be to the small and medium businessmen of India. The huge tax on leather items, shoes and slippers and readymade clothes sent from India to the UK will be abolished. With this, traders of India will be able to sell their products in the UK at cheap prices, which will increase their earnings. This will directly benefit millions of artisans and laborers who work in these industries.
Foreign goods will be cheaper
This deal will also reduce the tax imposed in India on some goods coming from the UK. For example, whiskey, high-end cars and some luxury items coming from the UK can now be cheaper than before. At present, there is a huge tax on whiskey in India, due to which it remains out of reach of common people. After the tax has decreased, the middle class can get this expensive liquor cheaper than before.
New jobs and investment opportunities
This agreement will also create new investment opportunities in India. As exports from India increase, work will increase in factories and new jobs will come out. The demand for laborers and machine operators in textile, footwear and leather sector may increase. Apart from this, UK companies can also show interest in setting up manufacturing units in India, which will create new employment opportunities for the youth.
Cabinet and Parliament seal is necessary
However, this deal will be fully implemented only when it will be approved by the UK Parliament and the cabinet of India. It may take about a year to implement after signing.
Overall, what will be the effect?
Overall, this deal will provide new markets to India’s exporters, some goods coming from the UK will be cheaper, employment opportunities will increase and the economic relationship between the two countries will be strong. If everything goes well, in the coming time, the common man can get some everyday essential items cheap and youth can also get new jobs.