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India will overtake the United Kingdom to become the third largest economy by the end of the decade and thus New Delhi and London need to work together, British High Commissioner to India, Alex Ellis said on Tuesday.
“For two economies roughly the same size, India will grow fast overtaking the UK to become the third largest economy by end of the decade, thus both need to work together,” Ellis said at the India-UK business outreach trade and investment alliances program in New Delhi. He further said, “The UK has left European Union is an opportunity to write our own rules which can really work well with India as there is political will… PM Modi and the UK PM Liz Truss spoke just over a week ago and had a very good conversation.”
Earlier, UK High Commissioner told ANI that New Delhi and London have the high ambition of completing the Free Trade
Agreement (FTA) by Diwali this year, which will increase employment and bring economic development to India over the next 25 years.
On being asked, if it could be a “Diwali Dhamaka”, the UK High Commissioner nodded, saying, “I hope so.”
“I think we have high ambition on completing the FTA by Diwali. The FTA will create more jobs, more growth, and more opportunities for India to grow and develop,” he added.
The bilateral trade between India and the UK is likely to double by 2030 from the current level helped by greater economic engagements between the two countries, diversification of global supply chains, and overall ease of doing business, as per an industry report released last month.
As India and the UK collaborate for economic growth against a backdrop of global disruptions, Grant Thornton Bharat launched the second edition of Britain Meets India (BMI) Report 2022, in partnership with the Confederation of Indian Industry (CII), supported by the UK’s Department of International Trade (DIT).
According to the report, 618 UK companies have been identified in India that together employ approximately 4.66 lakh people and have a combined turnover of Rs 3,634.9 billion. 58 of these 618 companies featured in the report’s Growth Tracker (companies with turnover greater than Rs 500 million and 10 per cent year-on-year growth) – these fast-growing.
UK companies achieved an average growth of 36.3 per cent, which is a 10 per cent jump from 2021 where fast-growing UK companies clocked an average growth rate of 26 per cent.
The report was launched by Alex Ellis CMG, High Commissioner of UK to India, Chandrajit Banerjee, DG – CII, Vishesh C Chandiok, CEO, Grant Thornton Bharat and Pallavi Joshi Bakhru, Partner and India-UK Corridor Leader, Grant Thornton
Bharat in New Delhi in the presence of over 50 dignitaries, industry and government representatives from the UK and India.
Meanwhile, last month the two countries concluded the fifth round of talks for the Free Trade Agreement (FTA), as per the Ministry of Commerce and Industry.
