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Key Points

Piyush Goyal called PM Modi’s UK visit historic, emphasizing its long-term impact on bilateral ties. The India-UK FTA is expected to accelerate trade in goods, services, and investments. Key sectors like IT, pharma, and startups stand to gain significantly. Simplified visa rules and social security exemptions will benefit Indian professionals and businesses.

Key Points: Piyush Goyal Says Modi UK Visit Will Be Remembered for Years

  • Modi-Starmer talks covered trade, AI, and defence cooperation
  • India-UK FTA to boost manufacturing and services sectors
  • Double Contribution Convention eases costs for Indian professionals
  • Deal opens UK markets for startups and skilled workers
2 min read

PM Modi's UK visit will be remembered for years to come: Piyush Goyal

Commerce Minister highlights Modi-Starmer talks on trade, FTA, and services sector gains during PM's landmark UK visit.

"Businesses now have certainty that FTA will happen – Piyush Goyal"

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.

Topics Covered in Discussions

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).

Implementation of India-UK Free Trade Agreement (FTA)

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.

Impact on Key Industries

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.

Benefits to the Services Sector

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.

Double Contribution Convention

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.

Opportunities for Indian Startups

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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Reader Comments

P
Priya S
The Double Contribution Convention is a big relief for IT professionals like me. Paying social security in both countries was draining our salaries. Hope this leads to more such agreements with other nations too!
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Aman W
While the benefits are clear, I hope the government ensures proper safeguards for our small businesses. UK companies with deeper pockets might flood our markets. Need balanced implementation.
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Shreya B
As a startup founder in Bangalore, the investor access excites me most! 🚀 UK's tech ecosystem combined with Indian innovation can create magic. Hope the paperwork is simpler than usual government processes though.
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Vikram M
The visa relaxation for chefs and yoga teachers is brilliant! Our cultural exports are as important as goods. Maybe next we'll see easier movement for Ayurveda practitioners too?
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Kavya N
Pharma sector benefits are underrated here! With UK quality standards, our medicines can gain global credibility. But hope price controls remain so ordinary Indians aren't priced out.
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Nikhil C
Let's not celebrate too soon. Past FTAs haven't always delivered promised benefits. Government must regularly review implementation and make course corrections if needed.

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