The India-UK Free Trade Agreement (FTA) is expected to be concluded by March 2023 despite limited benefits accorded to India in the deal.
Significance of FTA –
Challenges to the FTA –
Why the FTA would not be good for India?
India is on track to become the world’s third largest economy by 2050, having already surpassed the UK to become the fifth largest economy, making it the UK’s preferred partner. However, a rigorous and impartial assessment of the anticipated economic benefits and costs of the India-UK FTA is required for the sake of the country’s robust economic future.
Source – The Times of India
QUESTION – While it is being argued that both India and U.K. stand to gain from the free trade deal which is under negotiation currently, the facts do not support the argument. Discuss how it could impact India’s domestic economy and how we should go about it?