3 weeks ago
India's Startups Look to UK as Trade Deal Cuts Tariffs
India and the United Kingdom made a big trade agreement that makes it easier for Indian companies to sell things in the UK.
The agreement removed some taxes that made products more expensive.
A company called GoodMelts makes nice-smelling things like candles, fragrances, and wax warmers.
Wax warmers heat wax so a room smells nice.
Before, these products had taxes as high as 30 or 40 percent.
Those taxes made it very costly to sell in the UK.
Now the taxes are gone, which saves the company a lot of money.
Vincy Saini, who helped start GoodMelts, says this has really opened up the UK market for the company.
Because of this, Indian startups see new chances to do business in the UK.
A UK–India trade deal has removed import taxes on several Indian products, opening the UK market to Indian startups.
Vincy Saini, co-founder of wellness and home fragrance brand GoodMelts, said electric products such as wax warmers previously faced taxes as high as 30%.
Taxes on consumables including fragrances and candles, previously 30–40%, have also been removed.
The tariff cuts have significantly reduced GoodMelts' cost of selling in UK markets should it choose to export.
The development is encouraging Indian startups to pursue new export opportunities in the UK.
- Who
- Vincy Saini, co-founder of Indian wellness and home fragrance brand GoodMelts, and Indian startups seeking UK export opportunities.
- What
- A UK–India trade deal removed previously high taxes on Indian products such as wax warmers, fragrances and candles.
- Where
- India and the United Kingdom.
- When
- Not specified in the article.
- Why
- The tariff cuts reduce selling costs and open up the UK market to Indian startups.
Key facts
- Company
- GoodMelts
- Sector
- Wellness and home fragrance
- Co-founder quoted
- Vincy Saini
- Product categories
- Electric products (e.g., wax warmers) and consumables (fragrances, candles)
- Previous tax on electric products
- As high as 30%
- Previous tax on consumables
- 30–40%
- Tax status after trade deal
- Removed
- Market opened
- United Kingdom
Quotes
Vincy Saini
Co‑founder of GoodMelts, a wellness and home fragrance brand
“”This has really opened up the UK market for us,” said Vincy Saini, co‑founder of wellness and home fragrance brand GoodMelts.”
livemint.com
Sources
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