India-UK Trade: India-UK trade will double by 2030, read this report

Trade is expected to double by 2030 due to the proposed free trade agreement between India and the UK, investment in technology, diversification of global supply chains and ease of doing business.  The report said that India's goods and services business with the UK grew to US$ 31.34 billion in 2022 from US$ 19.51 billion in 2015.

The second edition of Britain Meets India Report 2022, launched by Grant Thornton India in partnership with the Confederation of Indian Industry (CII), supported by the UK's Department of International Trade, also revealed that 618 UK companies have been identified in India.  Employs about 4.66 lakh people and has a total turnover of Rs 3,634.9 billion.

According to the report, the UK remained the sixth largest investor in India with a cumulative investment of around US$ 31.92 billion in 2000-22.  This is about 5.4 percent of the total foreign direct investment (FDI) in India.  In June, Commerce and Industry Minister Piyush Goyal expressed hope that the free trade agreement between India and the United Kingdom would be concluded by Diwali.

The report said that the FTA is expected to bring significant benefits to both the countries through duty concessions on alcoholic beverages and movement of professionals.  The proposed agreement is expected to boost Indian exports in labour-intensive sectors such as leather.

According to the report, the UK may consider reducing tariffs on products such as apples, UK-made medical devices and machinery.  British High Commissioner to India Alexander Ellis CMG said that India has been one of the most important partners of the UK in its 75-year journey.  The 'living bridge' between our countries is set to turn into a stronger bond, as we continue to fight.  Our focus will be to strengthen the economic ties between the two countries for a more secure and prosperous decade.