New Highs: India-UK Ties Post Covid To Strengthen Economic Partnership, Says Report
India-UK bilateral relations will touch a new high in the post-COVID world, as India is likely to be a priority country for the UK, leading to an enhanced economic partnership, according to a report.
According to the Britain Meets India report, developed by CII and Grant Thornton Bharat, FDI inflow from the UK to India for a particular year increased from USD 898 million in 2015-16 to USD 1,422 million in 2019-20.
Sandeep Chakravorty, Joint Secretary (Western Europe), Ministry of External Affairs, said, 'Besides a free trade agreement, mobility and an interim trade deal, we are working on a 10-year 360 degree roadmap to strengthen our relationship with the UK. Going forward, we see investments in India's clean energy sector coming from the UK.'
Pallavi Joshi Bakhru, Partner and India-UK Corridor Leader, Grant Thornton Bharat LLP said, 'Our research identified 572 UK companies in India with a combined turnover of around INR 3,390 billion, tax payment of around INR 173 billion and employing 416,121 people directly.