By the end of the decade, India will surpass the UK to become the third-largest economy; as a result, New Delhi and London must cooperate, according to British High Commissioner to India Alex Ellis on Tuesday.
At the India-UK business outreach trade and investment alliances program in New Delhi, Ellis stated, “For two economies of the same size, India will expand swiftly overtaking the UK to become the third largest economy by end of the decade, so both need to work together.”
He continued, “Now that the UK has left the European Union, we have a chance to design our own laws that can actually cooperate with India because there is political intent… Just over a week ago, PM Modi and UK PM Liz Truss spoke and had a great conversation.
The Free Trade Agreement (FTA), which will boost employment and provide economic prosperity to India over the next 25 years, is something that New Delhi and London have a high aspiration of finishing by Diwali this year, according to a previous interview with ANI by the UK High Commissioner.
The UK High Commissioner nodded when asked if it might be a “Diwali Dhamaka” and added, “I hope so.”
“I believe that our goal of finishing the FTA by Diwali is ambitious. The FTA will increase employment, growth, and possibilities for India to advance, he continued.
According to a recent industry report, increased economic ties between India and the UK, the diversification of global supply chains, and general ease of doing business would all contribute to a doubling of bilateral commerce between India and the UK from its current level by 2030.
Grant Thornton Bharat launched the second edition of Britain Meets India (BMI) Report 2022 in partnership with the Confederation of Indian Industry (CII), with the support of the UK’s Department of International Trade, as India and the UK collaborate for economic growth against the backdrop of global disruptions (DIT).
According to the research, there are 618 UK businesses in India that collectively employ 4.66 lakh people and generate a total revenue of Rs 3,634.9 billion. These fast-growing UK companies achieved an average growth of 36.3%, which is a 10% increase from 2021 when fast-growing UK companies clocked an average growth rate of 26.3%. 58 of these 618 companies were included in the report’s Growth Tracker (companies with turnover greater than Rs 500 million and 10% year-on-year growth).
The report was released in New Delhi in front of more than 50 dignitaries, business leaders, and government officials from the UK and India by Alex Ellis CMG, High Commissioner of the UK to India, Chandrajit Banerjee, DG – CII, Vishesh C Chandiok, CEO, and Pallavi Joshi Bakhru, Partner and India-UK Corridor Leader, Grant Thornton Bharat.
According to the Ministry of Commerce and Industry, the fifth round of negotiations for the Free Trade Agreement (FTA) between the two nations was ended last month.