Commerce and Industry Minister Piyush Goyal is in London on a two-day official visit to discuss issues related to the implementation of the Free Trade Agreement (FTA) and explore ways to boost trade and investment between the two countries, an official statement said on Wednesday.
During the visit, Goyal will hold a bilateral meeting with the UK Secretary of State for Business and Trade Jonathan Reynolds.
"Both leaders will review the progress made in the ongoing FTA negotiations and chart out a clear, time-bound roadmap for its finalisation and implementation," the commerce ministry said.
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India and the UK had announced the conclusion of the FTA on May 6. The pact aims to eliminate duties on labour-intensive Indian exports such as leather, footwear and clothing, while easing imports of UK products like whisky and cars.
It targets to double trade between the two economies to $ 120 billion by 2030.
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The agreement is yet to be formally signed and implemented.
The minister will also meet the UK Chancellor of the Exchequer Rachel Reeves, to discuss macroeconomic priorities, financial cooperation, and investment facilitation between the two countries.
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He is also scheduled to meet the Secretary of State for Culture, Media and Sport, Lisa Nandy to explore avenues of collaboration in creative industries and innovation-driven sectors.
"These engagements will bring together global business leaders, investors, and policy experts to deliberate on the strategic contours of the India-UK economic corridor and the transformative impact of the proposed FTA," it said.
The minister is expected to interact with leading CEOs and industry stakeholders from key sectors, including shipping, fintech, logistics, and advanced manufacturing, with a view to deepening commercial linkages and promoting cross-border investments.
The bilateral trade between India and the UK increased to $ 21.34 billion in 2023-24 from $ 20.36 billion in 2022-23.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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Chief Economic Adviser V Anantha Nageswaran on Wednesday said India has managed to maintain a healthy growth rate despite global economic and political volatility, calling it a “creditable achievement”.
Speaking to news agency ANI in Thiruvananthapuram, Nageswaran said, “The global context has become uncertain and complex. Economic and political conditions have turned unfavourable for growth. Given these situations, the Indian economy has maintained a good growth rate in 2024-25 at 6.5 per cent.”
For 2025-26, the government projects GDP growth in the range of 6.3–6.8 per cent.
Growth gap with developed nations widens
Nageswaran noted that the gap between India’s growth rate and that of developed economies is now significantly wider than it was during the 2003-08 high-growth phase, when India expanded at 8-9 per cent.
“To achieve 6.5 per cent on a steady basis in this environment is a creditable achievement. India is poised to maintain that track record,” he said.
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He attributed the performance to continuity in policy. “The current government came out with important policy measures in the last two Budgets. If we are able to move faster and convey a sense of dynamism, then chances are high that we can even improve on our growth rate in the coming years,” Nageswaran said.
PLI scheme driving self-reliance and exports
Highlighting the production-linked incentive (PLI) scheme, Nageswaran described it as a key driver of self-reliance and manufacturing competitiveness.
“The PLI scheme has done well. It has improved our sense of aatmnirbharta (self-reliance) in many sectors. From nothing to today, we are exporting between $10 billion and $15 billion worth of mobile phones,” he said.
He added that domestic capacity had been built in several renewable energy-related product areas. “This scheme focused minds on what we need to have a forceful manufacturing process in the world.”
Geopolitical risks remain a concern
Nageswaran cautioned about the potential economic impact of geopolitical tensions, particularly in West Asia.
“The current conflict between Israel and Iran may not be too good for us. In the last week, crude oil prices have risen to about $73–74 per barrel. This raises essential risks for India,” he said.
However, he pointed to the Indian economy’s past resilience. “In 2022, when the Russia–Ukraine war started, crude oil prices went above $100 per barrel. Yet the Indian economy was able to sustain a 7 per cent growth rate.”
Tariffs not a major threat to exports, says CEA
On the outlook for trade, Nageswaran said changes in tariffs should not automatically be seen as detrimental to Indian exports.
“Ultimately, it also matters what tariff rates India’s competing countries get. It is premature to say that tariffs will make our exports difficult for now,” he said.
RBI maintains 6.5 per cent GDP growth forecast for FY26
The Reserve Bank of India also maintained its GDP growth forecast for FY26 at 6.5 per cent at its last monetary policy meet. The central bank cited continued strength in investment activity, healthier balance sheets across sectors, robust government capital spending, and a favourable outlook for agriculture as key drivers of growth.
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