India Offers Stability and Growth Boost to UK Economy Amid Global Volatility

New Delhi, Jun 19 (KNN) India’s Commerce and Industry Minister Piyush Goyal stated at the India Global Forum in London that India can play a stabilising and accelerating role for the UK economy during these turbulent times. 

“India is an oasis of stability, of fast growth, of a people generally very peaceful… we have 40 million Indians across the world, recognised for their talent,” he remarked.

On a two‑day visit to the UK, Goyal met with key stakeholders including Culture Minister Lisa Nandy, Chancellor Rachel Reeves, and Trade Secretary Jonathan Reynolds. 

In a joint session with Reynolds, both ministers defended the newly concluded UK‑India Free Trade Agreement (FTA), particularly its social security exemption for short‑term Indian workers—a provision critics have described as a “giveaway.”

Goyal countered this criticism, saying it ensures fairness and avoids double taxation for workers, while Reynolds assured that no harm would come to UK workers. 

He added, “This partnership is a good marriage,” expressing confidence that bilateral trade could double within five years.

Announced on May 6, the India–UK FTA eliminates duties on 99 per cent of Indian exports to the UK and reduces UK tariffs on 85–90 per cent of Indian import lines over a decade. 

It is expected to boost bilateral trade by about 40 per cent, increasing UK GDP by Euro 4.8 billion over 15 years, and create significantly more jobs, with aims to double trade to USD 120 billion by 2030.

This agreement opens new opportunities across key sectors—from whisky makers in Scotland and fashion brands to pharmaceuticals and EVs. 

Despite some concerns—particularly around IP protection and sensitive industries—the broad consensus is optimistic.

In sum, Goyal’s visit underscored India's potential as a partner of stability and economic momentum, with the FTA marking a transformative chapter in the UK‑India relationship.

(KNN Bureau)