Trade between the United Kingdom and India is expected to grow, as British businesses are looking for alternatives to China. That’s according to the UK-India Business Council (UKIBC).
The council’s first Indian Group CEO Jayant Krishna said in an interview with the Press Trust of India that UK businesses are very keen to support India's 'Aatmanirbhar Bharat' (Self-reliant India) mission.
“UK and India have started looking at opportunities emanating from the business sentiments worldwide to explore manufacturing supply chain possibilities as alternatives to China,” he said.
Krishna noted that UK industries have long investments in India across sectors, and the country is an increasingly attractive proposition for businesses looking to explore alternate destinations for their global supply chain. “Moreover, UK businesses are and will look to India as an incremental base for manufacturing and research and development," he said.
The chief executive explained that there is great reciprocity between India's needs and the UK's offerings, and said it was very positive to hear that Prime Minister Narendra Modi highlighted the centrality of sectors such as manufacturing, infrastructure, energy, pharma, space and defense, to global cooperation. “These are all areas ripe for India-UK collaboration in creating ‘Aatmanirbhar Bharat’, underpinned by both nations' strong track-record in technology and innovation.”
He stressed that, with Britain forging a new trading relationship with the world into 2021 and India establishing itself as a major global player, the South Asian country is a key priority for trade and investment of the UK government and businesses.
UK-India trade stood at $15.5 billion in 2019-20, compared with $16.87 billion in the previous fiscal year.