India-EU FTA: Luxury Cars, Wine, Medicines to Get Cheaper; A 'Mother of All Deals'

• Prime Minister Narendra Modi hailed the India-EU Free Trade Agreement (FTA) as a "new framework for shared prosperity for global good" and the largest FTA in India's history.
• European luxury cars like BMW, Mercedes-Benz, Lamborghini, Porsche, and Audi are expected to become significantly cheaper due to reduced import duties, initially 40% then 10% on cars above 15,000 Euros.
• European wines will see a reduction in import duty from 150% to 20% for expensive varieties, while Indian wines will gain duty-free access to 27 EU countries.
• Medicines for serious diseases, medical equipment, aircraft spare parts, mobile phones, and high-tech electronics will become cheaper due to reduced or removed import duties.
• Indian textiles, leather, and jewelry will find new opportunities in the European market, and zero import duty on steel and chemical products could lower construction costs.

Why It Matters: The India-EU FTA will make luxury goods, medicines, and electronics cheaper in India while boosting Indian exports.