The merchandise export to the US has also shown an upward trend over the last five years, increasing from $51.6 billion in FY 2020-21 to $86.5 billion in FY 2024-25, informed the minister

India is projected to add $1 trillion to its GDP every 12–18 months to 2047. With this momentum, India is targeting a $30 trillion economy by 2047.

The India-UK Free Trade Agreement (FTA) or the Comprehensive Economic and Trade Agreement (CETA) seeks to enhance bilateral trade by around USD 34 billion annually, besides ensuring better market access.

The ministry added that while the EU deal is within reach, the FTA dialogue with the US is steadily advancing and expected to fructify in due course.

India's economy continues to hold up against a global flux, dealing with the impact of geopolitical tensions and trade uncertainties, the Reserve Bank of India said in its monthly bulletin released on Wednesday.

The historic trade deal is expected to provide comprehensive market access for Indian goods across all sectors.

Indian auto industry praises India-UK FTA for boosting global economic engagement, providing market access for car makers.

FTA phases in tariff cuts for UK car exports, but strict quotas and EV exclusions mean limited gains for British automakers in India's protected market

Currently, India’s import tariffs on passenger vehicles range from 70-110 per cent while those on trucks stand at 40 per cent. Industry executives said that import quotas have been implemented to avoid sudden surges in imports and safeguard the Indian auto industry.

India was unable to secure an exemption from the UK’s carbon tax in the free trade agreement, signed on Thursday, a move that will impact India’s carbon-intensive exports to Britain, think tank GTRI said on Friday.