try (PHDCCI), Shri Piyush Goyal, Hon’ble Union Minister of Commerce and Industry, Government of India, congratulated the PHDCCI on completing 121 years and highlighted India’s economic transformation, growing global role and ambition to emerge as a trusted partner in international trade.

Emphasising the importance of converting adversity into opportunity, he underscored the need for convenient action, nimble thinking and timely decision-making to sustain growth, strengthen competitiveness and unlock new avenues for businesses.

The Minister highlighted India’s demographic strengths, expanding domestic consumption, skilled talent pool and adoption of modern technologies as important drivers of the country’s growth story. As a young nation and one of the world’s fastest-growing major economies, India is positioned to expand its contribution to global value chains, attract investment and develop new areas of economic activity.

Highlighting the importance of international economic engagement, Shri Goyal emphasised that trade agreements can create opportunities for Indian businesses to access new markets, diversify exports and strengthen integration with global supply chains. The signing of the India–UK Comprehensive Economic and Trade Agreement marks an important development in India’s trade engagement with the United Kingdom.

India’s ongoing and prospective trade negotiations, including engagement with Canada, reflect the broader objective of expanding market access and establishing mutually beneficial economic partnerships. Such agreements must translate into tangible opportunities for Indian industry, exporters, farmers and MSMEs while taking account of the interests of domestic stakeholders.

The Minister stressed the importance of consultations with MSMEs, farmers, industry representatives and other stakeholders in shaping trade and development priorities. Their participation is essential to ensure that the benefits of international trade reach businesses of different sizes, support employment generation and strengthen domestic productive capacity.

India’s aspiration to become a US$ 10 trillion economy will require sustained investment, higher productivity, technological advancement, innovation and a competitive manufacturing and services ecosystem. Achieving this ambition will depend on expanding productive capacity, improving the ease of doing business, strengthening infrastructure and enabling enterprises to scale up.

The Minister highlighted export expansion as a central component of this growth trajectory. Building on India’s export performance in recent years, the country aims to increase its global market share, diversify its export basket and strengthen the competitiveness of Indian products and services.

India’s stated ambition of reaching US$ 1 trillion in exports in FY 2026–27, with a targeted growth rate of 15%, underscores the importance of market diversification, quality improvement, reliable delivery, technology adoption and stronger participation in global value chains. Progress towards this objective will require coordinated efforts by the government, industry, exporters and trade-support institutions.

Attracting foreign direct investment and strengthening India’s position as an international business destination remain important priorities. India’s talent base, domestic market, digital infrastructure and expanding technological capabilities provide opportunities for global companies to establish and expand their operations in the country.

The growth of Global Capability Centres (GCCs) reflects India’s expanding role in knowledge-intensive services, research, technology, analytics and global business operations. The expansion of these centres can support high-value employment, knowledge transfer, innovation and the development of specialised skills.

India’s investment strategy must continue to focus on converting investor interest into productive capacity, technology transfer, employment and stronger domestic supplier networks. A predictable business environment, efficient approvals and effective coordination between government and industry will be important in this regard.

The Minister highlighted the role of modern technologies in improving productivity, enabling innovation and strengthening India’s competitiveness. Wider adoption of digital tools, automation, advanced manufacturing and emerging technologies can help Indian enterprises improve quality, reduce costs and respond more effectively to changing global demand.

Skilling and human capital development will be equally important. As a young nation, India has an opportunity to strengthen its workforce through industry-aligned training, vocational education, reskilling and greater collaboration between educational institutions and employers.

The development agenda must remain responsive to the needs of MSMEs, farmers, workers and emerging industries. Linking skills with actual economic opportunities will be essential to support employment, entrepreneurship and inclusive growth.

India’s experience during the COVID-19 pandemic demonstrated the importance of domestic manufacturing capabilities, resilient supply chains and international cooperation. The development and production of vaccines in India, alongside the country’s vaccination programme and vaccine supplies to other countries, illustrated the contribution that domestic scientific and industrial capacity can make to global public health.

This experience reinforces the wider importance of building reliable domestic supply chains while remaining engaged with international markets. India’s role as a trusted partner will depend on consistent quality, dependable delivery, transparent business practices, technological capability and sustained cooperation with trading partners.

The ambition of reaching a US$ 10 trillion economy requires sustained collaboration among government, industry, MSMEs, farmers, exporters, investors and educational institutions. Timely decisions, nimble policy responses and an enabling business environment will remain important to converting emerging opportunities into durable economic outcomes.

Shri Rajeev Juneja, President, PHDCCI formally welcomed Shri Piyush Goyal, Hon’ble Union Minister of Commerce and Industry, Government of India and said that PHDCCI is one of the oldest chambers of commerce representing MSMEs and its a real honour to have Shri Piyush ji on this occasion. PHDCCI is the “VOICE” of trade and industry, boosting MSMEs, Start-ups and technology alike.

Shri Anil Gupta, Vice President, PHDCCI delivered the vote of thanks. The occasion was graced by Shri Sanjay Singhania, Vice President, Dr Ranjeet Mehta, CEO & Secretary General, PHDCCI, along with President and Vice President, PHDCCI; former Presidents, members of the Managing Committee, industry stalwarts, diplomats, and members of the media.

New Delhi, July 2026: As India-UK CETA takes effect, PHDCCI launches its PHDCCI Research: Strategic Business and Market Intelligence Series with India–UK CETA: A Strategic Guide to Export Opportunities and Market Access.

The PHDCCI report provides a comprehensive assessment of the India–UK Comprehensive Economic and Trade Agreement covering bilateral trade patterns, revealed comparative advantage, sectoral competitiveness, Rules of Origin, market access conditions, technology collaboration, consumer trends, trade indicators and policy recommendations aimed at maximising the benefits of the agreement for Indian industry.

The report indicates that the United Kingdom continues to remain one of India’s most important export destinations. During FY2024-25, India’s exports to the UK reached US$14.55 billion, generating a trade surplus of nearly US$6 billion. Although trade moderated in FY2025-26, the agreement is expected to provide renewed momentum by reducing market access barriers, improving customs procedures, and facilitating greater integration of bilateral value chains.

According to the report, India’s export basket to the UK is increasingly shifting towards higher-value manufacturing products, supported by industrial policies, production-linked incentive (PLI) schemes, and improving global competitiveness. Smartphones, pharmaceuticals, aluminium oxide, petroleum products, engineering goods, machinery components, footwear and processed agricultural products are emerging as major drivers of export growth.

The study finds that India possesses a strong and rising comparative advantage in several export-oriented sectors. The country’s competitiveness has strengthened significantly in smartphones, aluminium oxide (HS 281820), pharmaceuticals, jewellery, footwear and auto components, reflecting improvements in manufacturing capability, availability of raw materials, domestic value addition and supportive industrial policies.

The report also highlights that India’s export structure complements the UK’s import requirements. The Trade Complementarity Index has consistently remained above 63, indicating substantial scope for expanding bilateral trade under preferential tariff access. Likewise, the Trade Intensity Index has remained close to one, suggesting that actual trade flows are approaching their potential and could expand further following the implementation of CETA.

Among the fastest-growing export opportunities identified in the report are:

• Smartphones and electronics supported by the Production Linked Incentive Scheme.
• Pharmaceuticals and healthcare products backed by India’s strong manufacturing ecosystem.
• Aluminium oxide and specialty materials leveraging India’s abundant bauxite reserves.
• Engineering goods, machinery parts and automotive components.
• Rice, processed food products and agricultural exports.
• Gems, jewellery and precious metal products.

Beyond merchandise trade, the report underlines the growing importance of services exports. Digital delivery (Mode 1) continues to account for the majority of UK services imports from India, reinforcing India’s competitive strength in information technology, professional services and knowledge-based industries.

The report also identifies significant opportunities for bilateral collaboration in advanced technologies. Through the UK–India Technology Security Initiative, both countries are strengthening cooperation in semiconductors, artificial intelligence, quantum technologies, telecommunications, biotechnology, critical minerals and advanced materials. These partnerships are expected to enhance innovation, strengthen resilient supply chains and promote greater investment in high-technology sectors.

The analysis further notes that the UK’s innovation ecosystem, strong research capabilities and substantial investments in science and technology complement India’s expanding manufacturing base, skilled workforce and growing domestic market. This combination provides a favourable environment for joint research, technology transfer and industrial collaboration.

However, the report emphasises that exporters must continue to address regulatory requirements relating to technical standards, sanitary and phytosanitary measures, product certification, hallmarking, pharmaceutical approvals, food safety regulations and Rules of Origin compliance in order to fully utilize preferential market access under CETA.

“The India–UK CETA has the potential to transform bilateral trade from a traditional goods-based relationship into a technology-driven strategic economic partnership. India’s growing competitiveness in manufacturing, combined with the UK’s strengths in innovation and advanced technologies, creates significant opportunities for expanding exports, attracting investment and integrating into global value chains said Mr. Rajeev Juneja, President, PHDCCI.”

Key Highlights of the Report

• India’s exports to the UK reached US$14.55 billion in FY2024-25.
• The UK accounted for around 3% of India’s total exports, ranking among India’s leading export destinations.
• Smartphones have emerged as one of the fastest-growing export categories.
• Aluminium oxide has become a rapidly expanding export product with strong comparative advantage.
• India demonstrates strong export specialisation in pharmaceuticals, jewellery, footwear, petroleum products and auto components.
• Trade Complementarity Index above 63 indicates strong potential for expanding bilateral trade.
• Technology cooperation under the UK–India Technology Security Initiative covers AI, semiconductors, telecommunications, quantum technologies, biotechnology, advanced materials and critical minerals.
• Simplified customs procedures and improved market access under CETA are expected to strengthen bilateral supply chains and enhance export competitiveness.

“The agreement provides an important platform for Indian industry to diversify export markets, increase value addition and strengthen competitiveness in high-growth sectors such as electronics, pharmaceuticals, engineering goods, speciality materials and digital services. Effective utilisation of the agreement will require greater awareness of Rules of Origin, regulatory standards and market-specific compliance requirements Dr. Ranjeet Mehta, SG and CEO, PHDCCI.”