India-UK FTA: A Win-Win for Indian MSMEs and UK Firms

Sunil Bharti Mittal, Chairman of Bharti Enterprises, has endorsed the prospects of the India-UK Free Trade Agreement (FTA), firmly asserting that it will benefit Indian micro, small, and medium enterprises (MSMEs). He highlighted that UK companies venturing into India's Government Procurement (GP) sphere would invigorate local manufacturing.

Mittal, in an exclusive interview with ANI, noted that while the doors of government procurement have opened for UK companies, these companies must meet specific thresholds to participate in bidding. UK firms are eligible for tenders exceeding Rs 200 crore, ensuring that Indian firms maintain competitiveness.

This strategic move requires UK companies to establish manufacturing units in India to maintain their competitive edge, a development poised to stimulate India's MSME sector significantly. Additionally, he praised the Comprehensive Economic and Trade Agreement between the two nations as a significant advancement, foreseeing a roadmap for future trade deals with other major markets.

(With inputs from agencies.)