Analysts say that India-UK bilateral relations will touch a new high in the post-corona world. India is expected to be a priority country for Britain, leading to an improved economic partnership. Based on Britain Meets India report, developed by CII and Grant Thornton Bharat, FDI inflow from the United Kingdom to India for a particular year increased from $898 million in 2015-16 to $1,422 million in 2019-20.
According to the Joint Secretary at the Ministry of External Affairs, Sandeep Chakravorty, besides a free trade agreement, mobility, and an interim trade deal, they are working on a 10-year 360-degree roadmap to establish a stronger relationship with Britain. He added that they see investments in India’s clean energy sector coming from the United Kingdom in the future.
Furthermore, Pallavi Joshi Bakhru, Partner and India-UK Corridor Leader, announced that their research identified 572 UK firms in India with a combined turnover of around INR 3,390 billion. Meanwhile, companies had tax payments of about INR 173 billion and employing 416,121 people directly. Bakhyry announced that this reflects British companies’ vital contribution to the Indian economy as a key collaborator in India’s growth story.
a free trade agreement with a target of 100 billion pounds is likely in 2030
According to Gaitri Issar Kumar, High Commissioner of India to the UK, the governments of India and the UK are committed to an improved trade partnership. He says they are developing a roadmap to a free trade agreement with a target of 100 billion pounds by 2030.
Furthermore, Alex Ellis CMG, High Commissioner of the United Kingdom to India, reported that India and the UK must consider coming together to create a global impact. He added that both the economies would have to create many jobs in the next years and build back in a more sustainable way.
Significantly, CII and GT Bharat named 572 companies incorporated in India owned or controlled, directly or indirectly, from the United Kingdom.