UK Chancellor Rachel Reeves and Indian Finance Minister Nirmala Sitharaman announced a major boost to trade and investment between their nations, worth £400 million in new deals and partnerships. This is anticipated to increase economic growth and stability in both nations.
Key Highlights of the UK-India Economic and Financial Dialogue
Trade and Investment Wins
£400 million trade and investment agreements: The deal will strengthen the British economy and bring economic growth and security for working people.
New export agreements and investments: The overall commercial package features new announcements totaling £128 million in export agreements and investments, as well as recent agreements worth £271 million.
Business Partnerships
Paytm's UK investment: India's biggest digital payment app intends to invest in the UK to speed up access to low-cost digital payments and credit for small businesses.
Barclays' capital injection: The bank revealed an additional capital injection of more than £210 million into its Indian business, reiterating its long-term commitment to India.
HSBC's growth: The bank will grow its reach from 14 cities to 34 cities in India, encompassing about 95% of India's wealth market.
Education and Research
Coventry University's India campus: The university will become the first English university to receive a license to establish a campus in India.
London School of Economics' collaboration: The school stated that Tata Trusts is extending its collaboration with LSE by providing a Corpus Grant for scholarships for Indian students.
Key Stakeholders' quotes
Rachel Reeves, Chancellor of the Exchequer: "In a changing world, it is imperative we go further and faster to kickstart economic growth."
Jonathan Reynolds, Secretary of State for Business and Trade: "Both India and the UK are determined to achieve economic growth and provide business with the stability and confidence necessary to grow."
Keshav R. Murugesh, Group CEO, WNS: "The UK and India are natural partners and this renewed trade and investment partnership is a groundbreaking step in our already robust alliance."
Future Prospects
The UK and India are in the process of agreeing on a Free Trade Agreement and Bilateral Investment Treaty to build stronger economic ties and ensure a prosperous future for both countries ¹.