ENA Global 2025-06-19 16:07:43 <p><span style="font-size:14px"><strong>New Delhi, Jun 19 (KNN)</strong> Indias 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. </span></p> <p><span style="font-size:14px">India is an oasis of stability, of fast growth, of a people generally very peaceful&hellip; we have 40 million Indians across the world, recognised for their talent, he remarked.</span></p> <p><span style="font-size:14px">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. </span></p> <p><span style="font-size:14px">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&mdash;a provision critics have described as a giveaway.</span></p> <p><span style="font-size:14px">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. </span></p> <p><span style="font-size:14px">He added, This partnership is a good marriage, expressing confidence that bilateral trade could double within five years.</span></p> <p><span style="font-size:14px">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. </span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">This agreement opens new opportunities across key sectors&mdash;from whisky makers in Scotland and fashion brands to pharmaceuticals and EVs. </span></p> <p><span style="font-size:14px">Despite some concerns&mdash;particularly around IP protection and sensitive industries&mdash;the broad consensus is optimistic.</span></p> <p><span style="font-size:14px">In sum, Goyals 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.</span></p> <p><em><strong><span style="font-size:14px">(KNN Bureau)</span></strong></em></p> 42514 https://knnindia.co.in/news/newsdetails/global/india-offers-stability-and-growth-boost-to-uk-economy-amid-global-volatility 2025-06-19 16:07:43 knnindia.co.in