• The Indian auto industry welcomes the India-UK FTA, citing balanced tariffs that address consumer interests while protecting domestic manufacturers.
• The agreement provides market access to UK car exporters, mainly for large engine vehicles and high-priced EVs, while safeguarding India's small and mid-size car segments.
• The FTA also grants zero-duty access on most tariff lines for India's engineering and manufacturing industries.
• Additionally, the India-UK trade agreement will allow Indian IT professionals working temporarily in the UK to save significantly on social security contributions, potentially increasing their savings by ₹30-40 lakh after three years.
• The UK and India have agreed to a free trade agreement (FTA), called the Comprehensive Economic and Trade Agreement (CETA), expected to boost the UK's GDP and wages.
• The FTA will eliminate tariffs for India on 99% of tariff lines.
• While British car makers like Jaguar Land Rover (JLR) anticipate tariff reductions, experts predict a modest overall impact due to local assembly of vehicles.
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