The Indian electronics sector received a big boost as exports of smartphones, optical fibre cables, and inverters to Britain will now face zero import duty under the free trade agreement.
Further, the FTA also opens up potential for Indian software firms, with the inclusion of IT and IT-enabled services in the list.
“Zero-duty access expected to accelerate exports of electronic products, with smartphones, optical fibre cables, and inverters set to strengthen India’s foothold in the UK market,” an official source told PTI.
The UK’s strong commitments on Software and IT-enabled Services could help Indian firms tap into new markets. This sector is expected to grow at 15-20 per cent annually, with exports valued at $32 billion in 2024-25.
Content Source: economictimes.indiatimes.com