India's revenue foregone in first year of trade pact with UK estimated at Rs 4,060 cr: GTRI

India is projected to lose Rs 4,060 crore in customs revenue initially due to tariff reductions under the new free trade agreement with the UK, potentially rising to Rs 6,345 crore by the tenth year. The UK will also face revenue losses, estimated at British Pound 375 million annually, as it eliminates tariffs on 99% of Indian imports.