India-UK FTA a historic pact for trade, competitiveness: NABARD Chairman
Mumbai, July 16
The India-UK Free Trade Agreement is a historic pact that will boost exports, improve the competitiveness of Indian industries and further strengthen economic ties between the two democracies, NABARD Chairman Dr. Shaji Krishnan V said on Thursday.
Speaking to IANS, the National Bank for Agriculture and Rural Development (NABARD) chairman said the agreement marks a significant milestone for both countries by providing zero-duty access for several Indian products while reducing tariffs on others.
"From an economic perspective, the agreement will help boost India's exports by providing zero-duty access on many products and reducing tariffs on others. More importantly, it is a comprehensive agreement that covers trade, investment, services and technology," he said.
According to him, greater market access and increased economic openness will enable Indian industries to expand their global presence, improve competitiveness and enhance business turnover.
"The key task ahead is to complement this agreement with a strong enabling environment at home so that India can fully realise the benefits of this landmark deal," he added.
Highlighting NABARD's evolving role, the chairman said the institution has moved beyond its traditional focus on credit and rural liquidity to become a major financier of rural infrastructure and an enabler of investment across the rural economy.
"NABARD is repositioning itself as a rural infrastructure financier while helping identify investment gaps across the rural sector," he told IANS.
He noted that the institution is mapping agricultural value chains to ensure sustainable livelihood creation through investments in production, processing, marketing and distribution.
Shaji said NABARD is also working closely with Farmer Producer Organisations (FPOs) and cooperative institutions to strengthen their capacity and participation in the rural economy.
As part of these efforts, nearly 70,000 primary cooperative societies have already been computerised, a move he said would improve transparency, traceability and operational efficiency.
He added that institutional reforms and capacity-building initiatives are helping transform NABARD into an institution builder and a catalyst for sustainable rural development.
On the impact of trade agreements on agriculture, the NABARD Chairman said Prime Minister Narendra Modi has consistently emphasised protecting the interests of small and marginal farmers, artisans and other rural producers during trade negotiations.
"These agreements are not driven solely by market economics; they are also about protecting livelihoods. The government has remained sensitive to this reality," he said.
--IANS
prashant sonni/ag
— IANS
Reader Comments
Historic indeed! 🇮🇳🇬🇧 Finally our textile, leather and pharma sectors will get duty-free access to UK. This is exactly what "Atmanirbhar Bharat" needs—not isolation but global competitiveness. NABARD's role in computerising 70,000 cooperative societies is also huge. Transparency in rural finance will cut out middlemen. Good work!
As someone who follows UK-India trade closely, I think this deal has potential but the real test will be in implementation. The UK has very high standards for food safety and labor practices. Indian exporters need to invest in quality certifications and supply chain upgrades if they want to actually benefit from zero-duty access. NABARD's focus on value chains is spot on. Let's see the agreement text first.
Good for corporates, but what about the common man? We already have high inflation on essentials. If we reduce tariffs on UK imports, our own dairy and food processing sectors might suffer. NABARD chairman talking about protecting small farmers is fine, but I want concrete measures—not just statements. And computerising cooperative societies is long overdue, hope it's not just a headline. 🙏
Honestly, I'm cautiously optimistic. The UK has a large Indian diaspora that already creates demand for our products. This FTA could finally give our farmers and artisans direct access to premium markets. NABARD's role in mapping agricultural value chains is smart—we need to know where the gaps are. But the devil is in the details. Hope we don't end up like some countries that signed FTAs and saw their local industries collapse. Government must be vigilant. 😊
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