It’ll Give New Opportunities in MSMEs Sector: PM on India-UK FTA
In a significant development that is likely to boost economic activity in India, Prime Minister Narendra Modi welcomed the recently concluded India-UK Free Trade Agreement and Double Contribution Convention. The move is expected to open new opportunities for the Micro, Small, and Medium Enterprises (MSMEs) sector, which is a crucial part of India’s economy.
The agreement, which was signed recently, is expected to boost bilateral trade between India and the UK by ₹2.8-lakh crore/year from 2040. This is a significant increase from the current trade figures and is expected to have a positive impact on the Indian economy.
Speaking on the occasion, PM Modi emphasized that the agreement will give new opportunities to MSMEs in India. He stated that the sector is a vital part of India’s economy and that the agreement will help to boost their growth and development. The Prime Minister also expressed his gratitude to the UK government for its support in concluding the agreement.
The MSMEs sector is a significant contributor to India’s economy, accounting for around 30% of the country’s GDP. The sector is also a major employer, providing jobs to millions of people across the country. However, the sector has been facing some challenges in recent times, including a lack of access to finance and a complex regulatory environment.
The India-UK FTA and Double Contribution Convention is expected to address some of these challenges and provide new opportunities for MSMEs in India. The agreement is expected to reduce tariffs and other trade barriers, making it easier for Indian MSMEs to export their products to the UK. This will not only increase their revenue but also help them to expand their business and create new jobs.
The agreement will also provide new opportunities for Indian MSMEs to collaborate with UK businesses. The UK is a major market for Indian businesses, and the agreement will make it easier for them to establish partnerships and joint ventures with UK companies. This will not only increase their revenue but also help them to gain access to new technologies and markets.
The India-UK FTA and Double Contribution Convention is also expected to boost investment in India. The agreement will provide a more stable and predictable business environment, making it easier for foreign investors to invest in the country. This will not only increase the flow of foreign capital into India but also help to create new jobs and stimulate economic growth.
The agreement is also expected to have a positive impact on the Indian manufacturing sector. The sector is a significant contributor to India’s economy, accounting for around 15% of the country’s GDP. The agreement will make it easier for Indian manufacturers to export their products to the UK, which will increase their revenue and help them to expand their business.
The India-UK FTA and Double Contribution Convention is a significant development for the Indian economy and is expected to have a positive impact on various sectors. The agreement will provide new opportunities for MSMEs, boost investment, and increase trade between the two countries. It will also help to create new jobs and stimulate economic growth, which will have a positive impact on the overall economy.
In conclusion, the India-UK FTA and Double Contribution Convention is a significant development that is expected to have a positive impact on the Indian economy. The agreement will provide new opportunities for MSMEs, boost investment, and increase trade between the two countries. It will also help to create new jobs and stimulate economic growth, which will have a positive impact on the overall economy.
