AS THE “standout growth en
gine” in Asia, India is widely pro
jected to be the third largest
economy in the world by 2028,
and the recently signed Free
Trade Agreement (FTA) offers
British businesses a significant
and “major advantage” over their
international competitors, the
UK’s new trade strategy and eco
nomic outlook said.
The ‘UK’s Trade Strategy’ and
an accompanying Global Trade
Outlook 2025 report released by
the Department for Business and
Trade (DBT) last Wednesday (25)
spotlight the crucial trade deal
with India, concluded in May, as
the centrepiece of the Labour
government’s approach to FTAs
as an important and strategic
tool as part of its ambitious
growth agenda.
“Asia is expected to benefit
from standout and sustained
growth from India and a new
generation of fast-growing
emerging markets,” the outlook
document said.
“Asia’s centre of dynamic
growth is expected to shift gradu
ally from China to India and oth
er fast-expanding emerging mar
kets,” it added.
The trade strategy closely com
plements an Industrial Strategy
that was released just last week.
Business and trade secretary,
Jonathan Reynolds, said, “Broad
and complex trade deals like the
one we secured with India will
bring billions of pounds to our
economy every year.”
According to the trade strategy
report, “The UK-India FTA is a
landmark trade deal that will
drive forward growth and signifi
cantly boost trade with one of the
fastest-growing economies in the
world. As soon as the deal comes
into force, UK products will ben
efit from a saving of up to an esti
mated GBP 400 million a year,
from India cutting its tariffs on
existing trade alone, which could
increase substantially to around
GBP 900 million a year after stag
ing over 10 years.”
Officials in India anticipate
that the FTA will be signed for
mally by the end of July.
Once the FTA is signed, it will
still require formal approval from
the UK parliament and India’s
Cabinet before it can take full ef
fect. The implementation is likely
to take about a year or so after
the signing.
“We in India have a much fast
er process, comparatively, so
we’ll be ready as soon as the legal
scrubbing is done and the final
document is sorted out,” com
merce and industry minister Pi
yush Goyal said during his UK
visit last week to discuss the next
steps in the FTA.
Both countries announced the
conclusion of the negotiations on
May 6. It will remove taxes on the
export of key labour-intensive
products such as leather, foot
wear and clothing, while also
making imports of whisky, cars
and certain other goods from
Britain considerably cheaper.
‘UK secures growth
edge with India FTA’
25
News
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INDIA’S prime minister, Narendra
Modi, told astronaut Shubhanshu
Shukla his space travel marked
the beginning of a new era and
was the first step towards the
country’s own human space
flight project.
A US commercial mission
carrying astronauts from India,
Poland and Hungary last
Thursday (26) docked with the
International Space Station,
marking the first time in decades
these nations sent crew to space.
Onboard were pilot Shubhan
shu Shukla of India, the first Indi
an to reach space since Rakesh
Sharma, who flew to the Salyut 7
station in 1984 as part of an Indo-
Soviet mission.
“Shubhanshu, today you are
the farthest from the land of
India, but the closest to the
hearts of every Indian,” Modi
told Shukla in an interaction
through a video link from the
International Space Station,
which is orbiting the earth
at an altitude of 400 km.
Modi noted that Shukla’s
name included the word
shubh (auspicious), and
that his journey marked
the auspicious begin
ning of a new era.
The
crew
are
scheduled to spend
about
14
days
aboard the sta
tion, conducting
some 60 experi
ments, includ
ing studies on
m i c r o a l g a e ,
sprouting
salad
seeds, and the har
diness of micro
scopic tardigrades
in space.
India’s space agency, ISRO, sees this flight
as a key step toward its first independent
crewed mission, slated for 2027 under the
Gaganyaan (“sky craft”) programme.
“What a fantastic ride,” Shukla said in
Hindi after liftoff. “This isn’t just the start of
my journey to the International Space Sta
tion – it’s the beginning of India’s human
space programme.”
Each country funded its astronaut’s seat.
“When I saw India for the first time from
space it appeared much larger and grander
than on the map,” Shukla told the prime min
ister. “You can truly feel the sense of oneness
– there are no borders, no lines. It feels as if
this entire earth is our home and we are all its
citizens,” Shukla said.
He brought with him Indian sweets – gajar
ka halwa, moong dal halwa and aam ras
(mango nectar) which were relished by fel
low astronauts on the space station.
Modi told the astronaut his historic jour
ney was not just limited to space, but would
add fresh momentum to the march towards
Viksit Bharat (developed India).
“We have to take Mission Gaganyaan for
ward. We must build our own space station.
And we must ensure that an Indian astronaut
lands on the moon.
“Your experiences will play a crucial role
in all these future missions. I am confident
that you are diligently recording every bit of
your experience,” the prime minister said.
Shukla’s mission
lifts India’s hopes
MODI CALLS VOYAGE FIRST STEP TOWARDS MOON LANDING
STELLAR START:
Shubhanshu Shukla