India- UK Relations
- The United Kingdom has long held the belief in trade as a force for growth and prosperity.
- The UK is looking forward to forging trade deals with booming economies such as India.
- The UK aiming to Collaborate on issues such as global value chain resilience and digitalisation of trade documents because it is key to harnessing the true value of global trade.
- India’s middle class will increase to a quarter of a billion middle-class consumers by 2050, any improvements on the India-U.K. trading relationship could be a huge boost for U.K. businesses.
India-U.K. Trade Relations
- The U.K. and India share a thriving trading relationship, which was worth £36 billion in 2022.
- India-U.K. trade and investment relationship goes both ways.
- India retained its position as the U.K.’s second largest source of investment projects in 2022 (U.K.’s Department for Business and Trade).
- U.K. was chosen as the home of Tata Group’s first gigafactory outside India, in a move set to create thousands of jobs and bring a huge boost to the U.K.’s automotive sector.
- India’s sixth largest investor, between 2000 and 2023, the U.K. has invested $34 billion in India in foreign direct investment.
- India- United Kingdom Free Trade Agreement (FTA) talks are yet to address issues on areas including goods, services, and investment.
Relationship beyond trade:
- The U.K. and India’s strong partnership extends into culture, sport, education and tourism.
- Indian diaspora of over 1.6 million people makes a significant contribution across all walks of life in the U.K., from education through to the workforce, with Indian students making up one of the U.K.’s largest groups of international students.
- Indian diaspora with over 1.6 million people, contributes significantly to education and workforce.
- Indian students form the U.K.’s largest group of international students.
Alive with Opportunity campaign
- U.K. is launching ‘Alive with Opportunity’ which is a £1.5 million marketing campaign designed to showcase the bond between U.K. and India.
- The campaign builds on the continuous exchange of people, ideas and culture.
- As part of the U.K.’s ambitions to double trade with India by 2030, the campaign aims to:
- Stimulate interest and demand for U.K. goods and services
- Increase the U.K.’s ability to grow their business through trade with India
- Attract new Indian inward investment.
People to people exchange between India-U.K.
- India and U.K. signed Migration and Mobility Partnership (MMP) agreement with the intention to address easy movement of working professional between the two countries.
- PM of India and U.K. announced young professional scheme.
- Under the scheme, 3000 visa will be provided every year to graduates between the age of 18-30.
- They will get 2-year visa to live and work in each other’s country.
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