India to allow reduced-duty import of 3.78 lakh UK cars in first 15 years of trade pact

Summary

India will allow the import of three hundred seventy-eight thousand units of conventional engine passenger cars from the United Kingdom at reduced customs duty during the first fifteen years of the trade pact between the two countries. The tariffs on automotive imports will decrease from approximately one hundred ten percent to ten percent, with quotas on both sides, and the quota for conventional engine passenger cars will peak in the fifth year at thirty-seven thousand units. India will also get access to the United Kingdom's electric, hybrid, and hydrogen passenger cars segment with duty-free exports to the United Kingdom from the sixth year, in the price segment ranging from twenty thousand to eighty thousand British pounds.