India, July 27 -- The signing of the free trade agreement (FTA) between India and the UK last week was no ordinary moment - not just because 99% of Indian exports to the UK will now enter tariff-free, or because British luxury cars and Scotch whisky are about to get cheaper. The real story is India's evolving place in global trade - more assertive, more selective and no longer willing to play by someone else's rulebook.

The immediate economic benefits are eye-catching. For British exporters, tariff cuts on whisky (down from 150% to 75% right away, and to 40% in a decade), high-end vehicles, cosmetics and dairy offer new access to India's swelling consumer base. For Indian exporters - particularly in textiles, jewellery, EVs, marine produ...