New Delhi: According to the British High Commissioner to India Alex Ellis, by the end of the decade, India will overtake the United Kingdom to become the third largest economy in the world. At the India-UK Business Outreach Trade and Investment Coalition event in New Delhi on Tuesday, he said, “For two economies of roughly the same size, India will grow rapidly to overtake the UK to become the third largest economy by the end of the decade.” , thus the two need to work together.” Additionally, he said, “With the UK leaving the European Union, there is an opportunity to write our own rules that could work well with India as there is political will… PM Modi and UK PM Liz Truss have a Spoke just a week ago and had a great conversation.”
Earlier, the UK High Commissioner told ANI that New Delhi and London have high hopes of completing a Free Trade Agreement (FTA) by Diwali this year, which will lead to increased employment and economic growth in India over the next 25 years.
Asked if it could be a “Diwali blast”, the UK High Commissioner replied, “I hope so.” “I believe we have high hopes of completing the FTA by Diwali. The FTA will enhance employment, growth and opportunities for India’s growth and development,” he continued.
According to a recent industry report, bilateral trade between India and the United Kingdom is expected to more than double by 2030, due to increased economic engagement between the two countries, diversification of global supply chains and overall ease of doing business.
As India and the United Kingdom collaborate for economic growth in the face of global disruptions, Grant Thornton India launched the second edition of Britain Meets India (BMI) Report 2022 in collaboration with and with the support of the Confederation of Indian Industry (CII). United Kingdom’s Department of International Trade (DIT).
According to the report, 618 UK companies in India employ about 4.66 lakh people and have a total business of Rs 3,634.9 billion. Of these 618 companies, 58 were included in the report’s growth tracker (companies with turnover of more than Rs 500 million and year-on-year growth of 10%) – the fastest growing UK companies with an average of 36.3% Growth achieved, a 10% increase from 2021 when fast-growing UK companies achieved an average growth rate of 26%.
The report was launched by Chandrajit Banerjee, DG-CII, Special C Chandiok, Alex Ellis CMG, High Commissioner of the United Kingdom to India in New Delhi, in the presence of over 50 dignitaries, industry and government representatives from the UK and India. CEO, Grant Thornton India, and Pallavi Joshi Bakhru, Partner and India-UK Corridor Leader, Grant Thornton India. Meanwhile, according to the Ministry of Commerce and Industry, the two countries completed the fifth round of talks for a free trade agreement (FTA) last month.