In a significant boost to UK-India economic ties, UK Ministers announced 17 new export and investment agreements during their visit to India this week, with deals exceeding £100 million. These agreements, primarily focused on the technology and life sciences sectors, are expected to create hundreds of jobs and further strengthen bilateral trade.
Leading the UK delegation, Secretary of State Jonathan Reynolds and Investment Minister Poppy Gustafsson highlighted the growing economic partnership, noting that UK-India trade had surged to £41 billion in the past year. Reynolds emphasized that government-backed initiatives have helped UK businesses expand into India’s dynamic market, bringing millions into the UK economy.
A major development from this visit is the increased opportunities for UK insurance firms following India’s recent budget announcement, which raised the foreign direct investment (FDI) limit in the insurance sector from 74% to 100%. This policy change allows UK insurers to expand their operations in India significantly.
Minister Gustafsson pointed out that India’s continued investment in the UK reflects confidence in the country’s business environment. Recently, over £100 million in Indian investments were announced, expected to generate jobs across multiple industries.
Additionally, the visit marked the relaunch of discussions on a UK-India Free Trade Agreement (FTA), which both governments view as crucial for job creation and economic expansion. The UK is eager to strengthen collaboration and showcase itself as a prime destination for investment.
The delegation’s itinerary, covering New Delhi, Mumbai, and Bengaluru, underscores the UK’s commitment to deepening its engagement with India, one of the world’s fastest-growing economies.
