“Deals on paper are one thing; movement of capital and people is what converts a pact into growth,” Singh told ET Now. He said the agreement is pragmatic for both sides — India gets access to mature UK financial and legal markets, while the UK gains a fast-growing trade partner at a time when it needs alternatives outside the EU.
Why the deal matters — and what it doesn’t solve yet
Singh cautioned against overstating political headlines. “I live here — the situation is not as dire as some polls suggest,” he said, arguing that the pact is an important signal that India can secure meaningful deals with developed Western economies even amid pressure from other geopolitical dynamics.
Key positive outcomes:
- Market access to UK financial, legal and services markets — opening corridors for Indian asset managers, fintechs and professional services.
- A diplomatic win for the Starmer government as it seeks global trade partners beyond Europe.
- Validation for India amid shifting global trade dynamics.
But Singh warned that market access without firm investment commitments is incomplete. The recently enforced EFTA pact — the first of its kind with a European bloc — ties market access to investment promises, and Singh said similar investmentanchors are needed in any trade deal for it to deliver long-term jobs and growth.
Movement of people and H-1B lessons
A crucial practical test of the pact will be mobility for talent and business travellers. Singh expects carve-outs and pragmatic visa paths for key professionals — even if broad, indefinite migration rights are not on the table.
“Movement of people and capital has always been at the heart of doing business,” he said, adding that big companies often underwrite the cost of sponsorships. He pointed to recent corporate signals — like firms committing to sponsor key tech talent — showing businesses will find ways to move critical staff even in tighter visa regimes.
The fugitive question: will London hand over economic offenders?
India’s demand for stronger cooperation on economic offenders has been a recurring sore point in UK-India talks. Singh urged New Delhi to press the issue as part of broader deal implementation, saying: “It’s for India to press that matter — nobody should be allowed to commit fraud and sit tight here in London.”
While he stopped short of predicting concrete outcomes, he said such guarantees could become conditions of deeper trade or financial cooperation if India pushes them in negotiations.
Market takeaways for investors and businesses
Singh is cautiously optimistic about the pact’s market impact — but he stressed the difference between immediate headlines and sustained economic benefit:
Short term: Expect announcements, MOUs and fintech tie-ups (particularly in payments, wealth and professional services).
Medium term: Investor flows and capital projects will determine whether trade access translates to revenue and jobs.
Watch: Implementation timelines, visa carve-outs for specialist talent, and any investment commitments from UK firms in India.
The UK-India FTA is a pragmatic step for both countries — symbolically big and potentially economically significant. But the real test will be in delivery: investment pledges, pragmatic visa rules for business talent and enforcement measures on cross-border crime. As Singh puts it, “It should move beyond talk and implementation — movement of capital, people — that is what we should be looking for.”
What to watch next?
We have to look out for official implementation timelines, announcements from UK financial firms on India expansion, visa carve-outs for specialised roles, and any bilateral clauses addressing economic offenders.
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