Now, Britons will have access to affordable purchases of anything from vehicles to wine. There is a good chance that India and Britain may sign a Free Trade Agreement (FTA) before this year’s Diwali. The sale of Indian clothing, leather goods, carpets, automobiles, maritime goods, mangoes, grapes, and many other agricultural goods would rise in Britain as a result of this agreement. Under the FTA, the tariffs placed on products arriving from each other will be decreased or eliminated entirely. India and Britain conducted commerce worth more than $20 billion in the most recent fiscal year 2022–2023. At the end of this month, British Prime Minister Rishi Sunak will visit India, and it’s possible that the FTA may be completed while he’s there.

India has agreed to lower taxes on British-made autos and Scotch whisky under the terms of the deal. For 1500 cc automobiles entering from Britain, the basic customs charge is now 100%, and the overall duty, including extra cesses and levies, is 240%.

Sources claim that a general agreement has been reached to raise the fundamental customs charge to 50%. While importing an automobile from Britain with a capacity of less than 1500 cc presently carries a 60% customs charge, that rate will soon drop to 30%. If this occurs, cheaper versions of British automobiles like Jaguar Land Rover, Rolls-Royce, Bentley, and Aston Martin would be sold in India. Similar to how the 150% customs charge on British Scotch whisky can be lowered to 50% under the FTA.

The Confederation of Indian Alcoholic Beverage Companies has no issues with Britain allowing Scotch into India, but Britain should permit Indian whiskey into its country as well. According to Britain, only whiskey that ages within three years is permitted for sale there; nevertheless, if whiskey is allowed to age for three years, more than 10% of the whiskey evaporates.