New Delhi:The Indian automobile industry reacted with caution to FTA with the UK, which aims to reduce import duty to 10%. Companies, which are awaiting finer details, fear that lower tariff rates may be replicated in other trade agreements under discussion. The auto industry is looking for details, such as by when (time period) the import duty for cars from the UK will come down to 10%. "Indians might be able to buy premium cars from UK at right price point as soon as they are launched globally. It probably won't shake up our local car manufacturers too much because most Indian consumers still prefer more affordable options."

Source: The Times May 07, 2025 02:12 UTC