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By Sheela Mamidenna UK and India share an age-old history of common interests and values and with India’s rapid rise to fame as the ‘fastest growing large economy’ in the world, the relations between the two countries could ‘reboot’ as Theresa May had expressed during her visit to India in November last year. UK is India’s 5th largest trading partner and a great place for Indian businesses and will remain so post-Brexit for many reasons. However, trade bodies like FICCI voiced a negative sentiment saying that trade between India and UK is likely to suffer due to the Brexit vote and a decline in sterling. There are over 800 Indian businesses operating in the UK and serving as a gateway to Europe. Experienced ...

The Dollar Business Bureau  Four UK’s Members of Parliament (MPs) have asked the British government to make it a priority to strengthen trade relations with India after Brexit.  During a debate on Thursday in Westminster Hall of Parliament on Commonwealth Trade, Jake Berry, a Conservative party MP led calls to focus on India as the UK exits the European Union (EU).  “We need to open trade deal talks with India. We will be helped significantly by the Indian diaspora of 1.4 million people, which creates strong cultural ties between our nations, and by the fact that India is currently UK's largest export market in the Commonwealth. The Government must make it a priority next month,” Berry said.  He cited a latest Commonwealth study that ...

The Dollar Business Bureau In order to give a boost to trade and tourism, India and the UK on Thursday agreed for easing limits on the number of scheduled flights between the two countries. Restrictions have been scrapped on flights from major cities of India, including Kolkata and Chennai, allowing for larger number of flights for passengers. “India is one of our closest allies and key trading partners and this new agreement will only serve to strengthen this crucial relationship. We are unlocking new trade and tourism opportunities which will boost our economies, create new jobs and open up new business links,” said UK’s Aviation Minister Lord Ahmad of Wimbledon. With around 2.5 million passengers directly flying between the two countries every year, and ...

The Dollar Business Bureau London wants to become India’s ‘destination of choice’ for raising foreign funds, said an Indian-born UK minister on Monday. “Prime Minister (Narendra) Modi wants to ‘Make in India’. We say: Make in India, finance in the UK,” said Alok Sharma, parliamentary under-secretary in the Foreign and Commonwealth Office (FCO), while addressing the UK-India Business Council on “Future of the UK-India Relationship” in London. India, while seeking to enhance its role as an innovator and manufacturer, is also correctly addressing its future energy and infrastructure needs, Sharma said. As per International Energy Agency (IEA), $2.8 trillion worth of funds required to invest in energy by 2040, and more than $1 trillion needed for other infrastructure, he stated. The Minister in Charge of ...

The Dollar Business Bureau After the referendum to ‘leave’ European Union, India and Australia among other countries have approached United Kingdom for new trade pacts, said Boris Johnson, Foreign Secretary. Johnson, while speaking to the media in New York, expressed that he was startled with the kind of response shown by various countries for trade opportunities. Meanwhile, Malaysia and Singapore also have expressed their willingness in trading partnerships, he added. Johnson, who led the Brexit movement, stated that UK Prime Minister Theresa May will lead the cabinet subcommittee on the procedure to exit EU. The subcommittee will be the main body for the deliberations to take place, he added. The subcommittee is scheduled to meet in next few days to finalize a blueprint ...

The Dollar Business Bureau Chief Economic Adviser Arvind Subramanian on Sunday said he feared a decline in India's exports to Britain, following its departure from the European Union. "Brexit came as a major shock to me. It is one of the most significant and landmark developments in the post-world war era. It would have a far reaching impact across the globe," Subramanian said while speaking at a conference in Patna. The advisor also said Prime Minister Narendra Modi could set up an expert committee to analyse Brexit's impact on the Indian economy. "Though our economy is well braised at present with strong macro-economic factors, Brexit would surely have some adverse impact on India. For instance, our exports would be affected. The PM may set up a ...

The Dollar Business Bureau As part of the wider science and technology cooperation, United Kingdom and India have agreed on two areas nano technology and solar energy. For establishing the India-UK Networked center on Solar Energy, Dr. Harsh Vardhan, Minister for Science and Technology and Earth Sciences met his UK counterpart Jo Johnson for the Fifth Indo-UK Science and Innovation Council. Vardhan told the reporters that, “The UK is among the most important countries with whom we have a very dynamic engagement. In India, we are taking up renewable energy in a big way, and in the solar area we will have an even more active engagement with the UK now.” He also spoke about the new solar pact which will be focused on research ...

The Dollar Business British Prime Minister David Cameron has offered to take 25% of Tata steel's equity stake to support the sale of its UK operations. The Cameron government offered support to India’s Tata Steel, concerned that the move could affect 15,000 jobs.  Despite announcing plans to pull out its business from the UK and beginning the process of sale of its plants, Tata has still not completely ruled out to keep its UK businesses including Port Talbot steelworks, if conditions improved. Earlier in March, Tata announced that it is quitting its steel business from UK, leaving the UK government struggling to save an industry which was hit by cheaper Chinese imports, low demand, and high costs. While Cameron is pushing ...