India and UK Implement Comprehensive Free Trade Agreement
The Free Trade Agreement (FTA) between India and the United Kingdom has officially come into force, eliminating tariffs on 90% of goods.
Key Points for Quick Revision
- India-UK FTA comes into force
- Tariffs eliminated on 90% of goods
- Includes services and professional mobility
- Target to double trade by 2030
How This Topic is Tested in Competitive Exams
| Exam | Frequency | Approx. Marks | What Gets Asked |
|---|---|---|---|
| Banking (IBPS / SBI) | Very High | 6–10 | RBI policy, inflation, CRR/SLR, monetary committee decisions — banking exams test the full spectrum. |
| SSC (CGL / CHSL / MTS) | Medium | 2–4 | Budget highlights, GDP data, and government economic schemes appear in SSC CGL GK section. |
| UPSC / State PCS | High | 10–20 | Economy is a core UPSC subject. Economic Survey, budget, and policy changes are heavily tested. |
What to Memorize from This Topic
- Key budget figures: fiscal deficit %, GDP growth projection, key scheme allocations
- RBI rate decisions: Repo rate, CRR, SLR, Reverse Repo — current values
- Rankings: India's position in ease of doing business, hunger index, HDI
- Abbreviations: FRBM, NBFC, MPC, PMGSY, PMGKAY — full forms and purpose
- Trade data: import-export balance, major trading partners
Practice Questions
Q1. The India-UK FTA aims to double bilateral trade by which year?
- 2027
- 2030
- 2035
- 2040
Explanation: The agreement targets doubling the bilateral trade between India and the UK by 2030.
Q2. Which sector is expected to benefit from easier professional movement under the FTA?
- Agriculture
- Services
- Mining
- Fisheries
Explanation: The FTA includes provisions for the services sector, facilitating the movement of professionals.
How to Prepare Economy & Finance for Government Exams
Track current Repo Rate, Inflation rate, and GDP growth. These three numbers appear in almost every banking exam.
Keep a running note of new schemes with their ministry, launch date, and target beneficiary group.
Focus on the Economic Survey and Union Budget highlights — these single documents generate dozens of exam questions.