March 7, 2021

India-UK relations to touch new top post Govt: Report | India News

New Delhi: India-UK bilateral relations are set to rise to a new height in the post-Govt world as India may be a priority country for the UK, a report has said.
According to a report by Britain Meets India, compiled by CII and Grant Thornton Bharat, foreign direct investment from the UK to India increased from $ 898 million in 2015-16 to $ 1,422 million in 2019-20.
Sandeep Chakraborty, Joint Secretary of the Ministry of External Affairs (Western Europe), said, “Apart from a free trade agreement, movement and interim trade agreement, we have been working on a 10-year 360-degree road map to strengthen our relationship with the UK. Going forward, we see investments in India’s clean energy sector coming from the UK. ”
Pallavi Joshi Bakru, Partner and Chairman, India-UK Corridor, Grand Thornton Bharat LLP It reflects the significant contribution of UK companies to the Indian economy as a key partner in India’s growth story. ”
The list of ‘fastest growing UK companies in India’ includes Tyson Technology, Aviva Life Insurance, Diageo Business Services, RMT Quickform and FMC Technologies, the report said.
Vedanta, Vodafone, Hindustan Unilever and United Spirits India are among the top 20 UK companies in terms of revenue. In addition, G4S Group, Vedanta Resources and HSBC Holdings are among the ‘Best UK Employers in India’.
Among the states, Maharashtra ranks first as an investment destination for UK companies, followed by Haryana, Delhi, Tamil Nadu, Telangana and Karnataka. Moreover, industrial and business services are the best sectors to be looked after by UK companies.
Indian High Commissioner to the UK Gayatri Isar Kumar said, “Both the Governments of India and the United Kingdom are committed to enhanced trade partnership. We are developing the roadmap for a free trade agreement with an ambitious target of 100 100 billion by 2030. ”
Alex Ellis CMG, UK High Commissioner to India, noted, “India and the UK need to think about coming together to create a global impact. Both economies need to create a lot of jobs over the next decade and rebuild in a sustainable way. ”
For the purposes of this report, CII and GT Bharat identified 572 companies affiliated with India as being directly or indirectly owned or controlled by the UK.
Additional Definitions Revenue over Rs.500 million per annum, minimum revenue growth of at least 10 per cent and minimum two year track record filed with the Ministry of Corporate Affairs in India.
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