India-UK FTA deal: Oyo's Ritesh Agarwal says Indian startups set for major uplift, job creation

Oyo founder Ritesh Agarwal said the India-UK Free Trade Agreement (FTA) will provide a major uplift to Indian startups and travel services, more than any other sector.

In an Instagram video posted on Friday, Agarwal said ongoing reforms in business rates, skilled visa access, and public-private partnerships will unlock even greater potential for Indian entrepreneurs looking to scale globally, particularly in the UK.

India and the UK signed their long-awaited Free Trade Agreement on July 24, which is expected to boost bilateral trade by around $34 billion annually. The deal was formalised in the presence of Prime Minister Narendra Modi and his British counterpart Keir Starmer.

Following the FTA, 99% of Indian exports to the UK, including textiles, generic drugs and medical devices, leather goods, agricultural, and chemical products, will have zero duty, according to documents shared by Indian officials.

Agarwal was among the startup founders and CEOs invited to Buckingham Palace, UK, to share insights and explore opportunities arising from the landmark agreement between the two countries.

Agarwal-led Oyo is one of the growing Indian investors in the UK, with more than 220 hotels across 65 cities and a nearly $65 million investment in premium expansion.

The founder emphasised that this global investment would result in the creation of over a thousand jobs, stronger AI-led innovation, and a more significant role for Indian companies in local communities.