Indian businesses eye market gains with low tariffs

NEW DELHI: British Prime Minister Keir Starmers visit to India has renewed momentum behind the IndiaUK Comprehensive Economic and Trade Agreement (CETA), with Indian businesses hopeful of improved market access and British firms eyeing Indias talent and growth potential. Indian exporters expect immediate gains in sectors such as garments, footwear, seafood, and engineering goods, as the deal slashes tariffs on 99% of Indian exports. British companies, meanwhile, are looking to deepen their presence in India across pharma, telecom, defence, and AI. British pharmaceutical giant Eli Lilly has committed a $1 billion investment in India, signalling confidence in the evolving trade landscape. Benefits will accrue not just through improved market access but through cross-border investment in sunrise sectors. Indian startups can become incubators for technologies from UK universities, said Agneshwar Sen, Trade Policy Leader, EY India.