With India’s economic outlook bright, British businesses are closely monitoring talent, supply chain integration and the Asian giant as a market, said the chief executive of the UK India Business Council.
In an interview with Money Control, Richard McCallum said, “Considering what is happening on the global scene and the level of business interest in India, it is a moment of such positive economic relations and economic flow between the two countries. I’ve never seen it,” he said. “We think the situation in India is very positive,” he said. He said British companies are showing a lot of interest in defense, advanced manufacturing, technology, digital services and education. There are also areas of cooperation such as robotics, artificial intelligence and green technology, where the UK is leading, and digital public infrastructure, where India is leading. UKIBC organizes technology conferences to introduce British companies to Indian consumers. We also support companies looking to diversify by moving their supply chains to India, especially in the manufacturing and advanced manufacturing industries.
“Our companies have a very strong interest in working with India in terms of R&D, human resources and supply chain integration. We are helping to move from to India.” In recent years, India has focused on strengthening its domestic manufacturing industry by attracting companies looking to mass-produce from China.
Concentrate on defense
The UKIBC CEO said defense is an area of great potential for both sides, with commercial opportunities and shared geopolitical and strategic narratives. “I think the UK and India have a lot to work on defensively. , we understand that ultimately it will be produced in India for the rest of the world.” Members of the UKIBC industry have a strong interest in working with Indian companies, including a group of 22 British defense contractors, he added.
India-UK free trade deal on track
In terms of timing, McCallum said the India-UK Free Trade Agreement (FTA) is on track. “Most of the chapters are finished. I think it’s perfectly reasonable that no one is trying to set an arbitrary deadline for this,” he said. “Corporations and governments are optimistic, and there is good political will behind it. It’s not always easy, so I think it’s important to take the time to get it right.” UKIBC has played a very important role in this process by communicating to both governments what businesses want after extensive consultations. India and the UK will start negotiating a free trade agreement in January 2022. The proposed deal aims to double trade between the two countries by 2030. The ninth round of negotiations for this purpose was concluded last month. McCallum said good progress had already been made on the trade side, up 45% in the year to September. Countries are well on their way to dual trade by the end of 2010.
“The impact of switching to UK visas will be small”
The CEO said he was disappointed by the UK government’s recent announcement to ban students’ dependents from entering the country, but said it would not affect immigration to the UK as a whole. “We do not believe this will affect the majority of Indians looking to study in the UK. Post-graduation work visas, which have proven to be very successful, will continue to exist. UK There is no limit to the number of Indian students who can study in the UK and our membership includes many universities, all of which want to encourage more Indian students to study in the UK.” he added. In a bid to curb immigration overall, Britain recently announced it would ban international students from bringing family members, including children and elderly parents. The move is expected to take effect in 2024. At the same time, some exceptions are made for students taking postgraduate courses that qualify as research programs. “Student mobility has been a very positive development in history between the UK and India,” said McCallum. “I’m an immigrant, I live in India, I work in India. It’s very important to me. And we need to remind everyone involved of the benefits of student mobility,” he added.
Of course the UK is “incredibly open” to students and workers from India, McCallum said. Of course the UK is “incredibly open” to students and workers from India, McCallum said. A new post-Brexit immigration policy puts Indian citizens on par with European Union citizens in terms of immigration. Additionally, the majority of visas issued by the UK are intended for Indians.
One area where more work is needed is bringing British students to India for purposes such as summer schools and semester exchanges. “This is so important that I think people in the UK will understand the changes that are happening in India and how relevant and important this market is to their lives.
We are on a par with our European Union counterparts when it comes to immigration. Additionally, the majority of visas issued by the UK are intended for Indians.
One area where more work is needed is bringing British students to India for purposes such as summer schools and semester exchanges. “This is so important that I think people in the UK will understand the changes that are happening in India and how relevant and important this market is to their lives.”
