India-UK Free Trade Agreement Stirs Controversy
India-UK Free Trade Agreement raises concerns over its potential impact on India's domestic industries, notably MSMEs and pharmaceuticals. Congress criticizes the deal, foreseeing adverse effects, deregulation, and losing current industrial policies. India's strategic exemptions and local enterprise protections are in potential jeopardy.
- Country:
- India
The impending India-UK Free Trade Agreement has sparked considerable debate, with the Congress party expressing concerns about its implications on India's domestic industry.
As Prime Minister Narendra Modi visits the UK, opposition voices, led by Congress general secretary Jairam Ramesh, have raised alarms about potential harm to micro, small, and medium enterprises, the backbone of India's economy.
The agreement would allow British firms to access a massive USD 600 billion market, marking a significant policy shift that could undermine local enterprises. Additionally, the automotive industry faces challenges as tariff reductions are set to upend the 'Make in India' initiative.
(With inputs from agencies.)
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