Ranchi, Jharkhand – The recently signed Free Trade Agreement (FTA) between India and the United Kingdom is expected to bring a wave of opportunities for traders and exporters in Jharkhand. Experts and local industry voices believe this deal could significantly open up foreign markets, create jobs, and simplify exports especially for sectors that represent the backbone of the state’s economy.
Global Market Access for Jharkhand’s Local Products
For Jharkhand’s business community, the FTA comes as a big relief and a much-awaited opening. Engineering goods—currently contributing 40.73% of the state’s total exports—are likely to benefit the most. Other key products like mica, coal, iron ore, organic chemicals, handicrafts, and readymade garments may also find new demand in UK markets, thanks to reduced import duties.
Industry experts say the duty concessions under the FTA will make Jharkhand’s products more competitive abroad, especially in sectors such as engineering, textiles, electronics, pharmaceuticals, and agriculture. This will give a direct edge to small businesses, artisans, and MSMEs across the state.
“With easier access to UK markets and lower logistical costs, exporters in Jharkhand will see faster shipments and better margins,” said Sanjay Akhouri, President of the Jharkhand Consumer Product Distributors Association.
Export Surge and Employment Boost
The export figures speak for themselves. According to the Ministry of Commerce and Industry, Jharkhand’s exports rose from ₹8,888 crore in April–November 2023 to ₹10,831 crore during the same period in 2024—a growth of nearly ₹2,000 crore. And with the FTA now in place, this upward trend is expected to accelerate.
As demand rises, especially from the UK’s heavy industry and construction sectors, local production will need to scale up—which naturally means more employment. Local entrepreneurs believe this will open up job opportunities not just in factories, but also in logistics, warehousing, and product packaging.
Readymade Garments and Handicrafts to Get a New Identity
Handcrafted items, traditional textiles, and spices—products that carry the unique identity of Jharkhand—are now expected to reach new households in the UK. Many traders see this as a cultural as well as economic exchange that can empower women-led enterprises and rural artisans.
Final Thoughts
This FTA is more than just a policy move—it’s a lifeline for small traders, MSMEs, and exporters in Jharkhand who have long been looking for global exposure. With simplified trade processes, lower tariffs, and a friendlier export environment, Jharkhand is now better positioned to become a global export hub in the coming years.