THE UK and India have announced £400 million in trade and investment deals aimed at boosting economic growth.
The announcement was made during the 13th UK-India Economic and Financial Dialogue in London, where chancellor Rachel Reeves and Indian finance minister Nirmala Sitharaman discussed efforts to strengthen economic ties and move forward on a Free Trade Agreement and Bilateral Investment Treaty.
Reeves said: “In a changing world, it is imperative we go further and faster to kickstart economic growth. We have listened to British businesses, which is why we’re negotiating trade deals with countries across the world, including India, so we can support them and put more money in people’s pockets as part of our Plan for Change. Our relationship with India is longstanding and broad and I am delighted with the progress made throughout this dialogue to develop it further.”
The joint statement signed during the talks covers cooperation in sectors including defence, financial services, education, and development. The statement also focuses on governmental collaboration on growth, economic resilience and international financial issues.
At the London Stock Exchange, both ministers outlined plans to expand financial services ties and policy cooperation on areas such as tax, sustainable finance and illicit finance.
The commercial package includes new export deals and investments worth £128 million and recent deals worth £271m.
Paytm announced plans to invest in the UK. Barclays Bank PLC India said it would inject over £210m into its Indian operations. HSBC announced it would expand from 14 cities to 34 in India. Standard Chartered moved to a larger office at GIFT City.
Mphasis is setting up a quantum centre in London and exploring an office in Nottingham. British International Investment is committing $10m to Grow Indigo, an agritech start-up in India.
WNS plans to expand its London headquarters and open an AI hub. Revolut is preparing to launch in India. Wise is opening an office in Hyderabad.
Prudential is launching a global services hub in Bengaluru and a joint venture for health insurance in India. BII is also investing $15m in an inclusion-focused vehicle in India.
The UK welcomed India’s move to allow international listings by Indian firms and noted the publication of the report ‘Catalysing Bilateral Growth: Connecting India Read More…..
