• UGI USER
  • Dec 25, 2023
  • 22 Likes
  • 1 Comments

CHALLENGES IN INDIA-UK FTA

Why in the News?

  • India -UK FTA faces challenges and concerns about restrictions and requirements impacting FDI inflows.
  • Calls for revamping FDI regulations in various sectors to foster inclusivity and global market access.
Source: ToI

Challenges and Concerns :

  • Lack of alignment with global service sector standards challenges India’s FTAs with the UK and EU.
  • Resistance to foreign competition and outdated regulations impede India’s efforts.
  • Services sector contributes over 50% to GDP, but barriers hinder inclusive growth, limiting workforce absorption.
  • Key services like legal services resist opening up, limiting opportunities for graduates.
  • Resistance hampers exposure to international firms, restricting job opportunities for young talent.

Example cited:

Challenges in legal services affect Indian professionals and hinder multinationals seeking legal support.

  • Restrictions in brand-based retail and e-commerce models criticized as not aligning with global norms.