India-UK FTA set to boost opportunities for Indian youth
The India-UK Free Trade Agreement (FTA) is expected to create opportunities for Indian youth — in skill development, employment, financial gains, and entrepreneurship — across various sectors.
The FTA is believed beneficial for Indian youth aspiring careers in: IT/ITeS (Information Technology/IT-enabled services), financial services, professional services, including management consultancy, architectural and engineering. It is also expected that Indian service providers will find substantial investment opportunities in the UK market.
The duty-free access to the UK market will give India a competitive edge in labour-intensive sectors.
The FTA also said it will ease mobility for Indian professionals, including contractual service suppliers — those working on specific projects for a UK client; independent professionals.
The India-UK FTA is set to provide relief to Indian workers from double social security contribution living in England.
The crucial benefit for Indian workers temporarily in the UK (up to three years) and their employers is the exemption from paying social security contributions (currently around 20 per cent of the exemption from paying social security contributions (which is currently around 20 per cent of the salary) in the UK under the FTA.
For young entrepreneurs and those interested in cutting-edge technologies, the FTA will provide environment for learning and development. The inclusion of start-up exchange missions and the creation of platforms will facilitate nascent entities and startups to engage with key customers and partners in the UK.
The digital trade under FTA with focus on electronic trade is said to benefit tech-savvy youth. Under the provision, emphasis will be on online consumer protection, cybersecurity and open internet access, creating a safer and more reliable digital environment for businesses and consumers.
The FTA might also promote ease of doing business by encouraging good regulatory practices, including internal coordination and public consultation aimed at benefitting young professionals looking to enter or establish businesses.
The mutual recognition of qualifications under the FTA will simplify career pathways for Indian graduates in the UK. The focus on SME development and gender is expected to facilitate the integration of Indian youth, including women, into global value chains, providing them with broader market access and exposure.
India