India and the United Kingdom have signed a landmark Free Trade Agreement (FTA) during Prime Minister Modi's visit to the UK, marking a major milestone in their economic relationship. The deal is set to reduce or eliminate tariffs on a wide range of goods, including Scotch whisky, cars, textiles, and chocolates, with whisky tariffs dropping from 150% to 40% over the next decade. The agreement is projected to boost bilateral trade by over $34 billion annually, create thousands of jobs, and attract billions in investment. While the deal is celebrated as a 'win-win' for both nations, some Indian industries have raised concerns about increased competition and potential negative impacts on public health. The FTA also signals India's gradual shift towards greater market openness and sets a template for future trade agreements with other major economies.
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