OYO’s Ritesh Agarwal says India-UK FTA deal game-changer for startups, jobs, AI growth

Ritesh Agarwal, the founder and CEO of Oyo Rooms, greeted the India-English FTA agreement and said that the agreement would be a game replacement for beginners, works and AI growth.

“India-England FTA is a big step forward- other industries travel, services and initiatives will see a huge rise. As one of the fastest growing investors in the UK, it means more than 220 hotels and premium expansion investments in 65+ UK cities (planned more than 1,000), a more powerful role in SMARTER AI innovation.

The founder of Oyo Rooms, who participated in the signing of the historical agreement between India and England, was among the other eight other work Tycoons, including Bhang Enterprises President Sunil Mittal, President of Vedanta Resources Anil Agarwal.

India-England FTA agreement

On Thursday, July 25, India and the UK signed a turning point free trade agreement between the two countries aimed at increasing the trade of goods and services. Prime Minister Narendra Modi and British Prime Minister Keir Starmer in the presence of Piyush Goyal and British colleague Jonathan Reynolds was signed.

How does India benefit from FTA?

FTA will cut tariffs in most products traded between India and the United Kingdom. According to an official statement, the agreement also said that the average tariff in the UK products will fall from 15% to 3%.

Indian enterprises will benefit from access to the UK, including textiles, shoes, carpets, cars and seafood exports, which are currently 4-16%of tariffs.