The UK and India have reached an agreement to boost trade between the two countries on Tuesday, May 6.
The deal, which could take up to a year to come into effect, will help UK companies sell products like whisky, cosmetics, food products, medical devices and cars more easily in India.
In return, India will benefit from reduced taxes on its exports of clothing and footwear to the UK, reported BBC.
The agreement was finalized after about three years of negotiations.
However, the UK government made it clear that this deal does not involve any changes to immigration policies, including those affecting Indian students studying in the UK.
Prime Ministers of both countries express their views:
UK Prime Minister Sir Keir Starmer praised the new trade deal with India, calling it a "landmark deal" that will help to boost the UK economy.
Meanwhile, India's prime minister, Narendra Modi, called the trade deal as an historic milestone that was "ambitious and mutually beneficial."
As per the reports, under the trade deal, Indian workers who come to the UK on short-term visas won’t have to pay UK social security taxes for three years, the deal called the Double Contribution Convention.
The deal also includes terms that will help British companies in the services industry and those wanting to bid for government contracts, which allow them to compete for more contracts.
