Preparations to fully profit from the India-UK free trade agreement (FTA), which went into effect on Wednesday, have been accelerating in the offices of Welspun Living, the Indian firm that produces championship towels for Wimbledon.
The home textile manufacturing behemoth, one of the biggest in India, provides towels and bed linens to a number of significant high-street businesses in Britain.In recent weeks, a number of these companies have traveled to India to lay out their business strategies for the coming years. Welspun Living CEO Dipali Goenka told the BBC, “We used to only do joint forward planning for our US clients, but with the deal, it’s happening with UK clients too.” Tariffs on 90% of UK imports into India and 99% of Indian exports to the UK are eliminated or reduced under the free trade agreement between the fifth and sixth largest economies in the world.
With its GDP expected to grow by 0.13%, or £4.8 billion ($6.4 billion), and India’s by 0.06%, or £5.1 billion annually, as a result of the agreement, the British government has referred to it as “the UK’s biggest and most economically significant bilateral trade pact” since exiting the EU.
The agreement’s implementation is expected to boost company growth in labor-intensive industries like textiles, apparel, footwear, automobiles, and marine items.Goenka stated, “I anticipate double-digit growth in our exports to the UK.
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