INDIA’S position as a critical trading partner is set to enhance further as the UK adopts an independent trade policy after Brexit, a leading India-UK business expert has said.
What makes India attractive is its huge market size and its even larger potential for growth, he said.
India is the world’s fifth-largest economy and is set to become the third-largest by 2030, providing British businesses ample opportunities to expand and invest, he noted.
Commenting on the India-UK relations, the UK India Business Council (UKIBC) Chief Executive Officer Richard Heald told Eastern Eye: “In the long-term, the size of the Indian market, the growing workforce, and the improving education and health indicators mean that India will remain an attractive destination for British trade and investment.
“The India-UK bilateral economic relations have remained strong, notwithstanding the uncertainty over the past three years surrounding Brexit.”
The UKIBC supports UK businesses with the insights, networks, policy advocacy, services, and facilities needed to expand in India.
Sharing his views on the efforts taken by the Indian government to provide an opportunity for its businesses, the business council boss mentioned: “The Indian government has introduced a number of measures aimed at stimulating the economy and consumer demand.
“UKIBC are expecting more measures to come, including resolving the underlying issues within the NBFC (non-banking financial company) sector. We are looking forward to the budget to be released in February next year.”
The business council expects the federal government and the central bank, Reserve Bank of India, to take the necessary measures to solve the pervasive shortage of credit caused by the lack of liquidity and bad debt provisioning held by banks and NBFCs.
He further noted that the resultant fall in consumer spending in large and important sectors such as automobiles has certainly contributed to the recent uncertainty. “This loss of confidence and a drying up of cash extends into the corporate sector, both in SMEs (small and medium enterprises) and the larger companies, leading to a slowdown in investment/debt repayments and/or a sale of assets to reduce debt. The NPAs (non-performing assets) of the state-owned lenders and NBFCs are compounding these problems.”
The Indian banking sector has been saddled with NPAs for many years now, and lenders have been sitting on bad loans to the tune of Rs 9.4 trillion, as on March 31, 2019, according to official figures.
“At the same time, financial analysts are projecting a recovery of some one per cent in economic growth during the next financial year,” he added.
Properly calibrated stimulus packages will enhance this positive momentum in one of the fastest-growing economy in the globe and “if India is to achieve its ambitious growth target of $5 trillion by 2025, it will need to encourage more growth and foreign investment from the UK and other countries,” the expert pointed out, emphasising that foreign investments were required to witness significant growth in the long run.
Richard Heald
The UK businesses have invested some $26.7 billion in foreign direct investment (FDI) alone over the past years. The figure is higher than that of the US, Germany and France’s industries combined.
Expressing his confidence over India’s growth record and the future business opportunities for foreign investors, Heald said: “The Indian economic slowdown might not be welcome in the short-term, but as our members and business clients tell us, the arguments for the fundamental attractiveness of India for UK trade and investment remain in place.”
UK-India business relations in areas such as the defence and insurance sectors are catalysing more UK investment to India, stimulating growth, and creating good quality jobs.
Heald further remarked that the future of India was a key focus of the UK higher education sector.
“For example, in our latest Higher Education Report: Futureproofing the UK India Partnership, UKIBC found that more than 78 per cent of universities put India in their top five countries to engage with, and 90 per cent put India in the top 10.”
Meanwhile, speaking on the business confidence of the Indian firms on the UK economy, he referred to a survey that was conducted of Indian businesses in the wake of the Brexit vote, and explained that most of these companies operating in the UK did so for specific reasons, such as British business or academic links, and access to upstream technology and processes in key areas such as financial services, engineering, alternative energy, and pharma.
“Indian companies have continued to invest in the UK during the intervening period indicating that the commercial attractions remain in place,” he added.
Between 2015-2018, the total trade between the UK and India has increased by 27 per cent.
Trade between the two countries totalled over £20bn last year, an increase of 13.6 per cent compared with 2017, according to the Office for National Statistic (ONS) data.
The UK exports to India increased by 19.3 per cent between 2017 and 2018, amounting to £8bn in total.
India’s exports to the UK grew from $2.2bn in 2001 to $6.7bn in 2017, where as Indian shipments to Britain touched $9.8bn in 2018, a rise of three per cent.
India has maintained a trade surplus with the UK, with total exports at $9.78bn and imports at $7.05bn in 2018, according to official figures.
India’s goods and services tax (GST) was introduced in 2017, which attracted both criticism and support by the Indian business.
Sharing his views on GST and its impact on foreign business in India, Heald hailed the tax reform. “Aligning the tax systems of its states has made the Indian market an easier place to do business – for which we have collected evidence, as in the last three years calls for reform from UK companies have fallen dramatically in our Doing Business in India Report series, from 55 per cent of companies calling for reform in 2016 to just 16.9 per cent in 2019.
“As a complex market of various regulations, laws and cultures, the rollout of a homogeneous tax structure will help to open the entire Indian market to trade and investment, compared to complications in the past in paying taxes when companies were active in multiple states.”
He further noted: “The rollout of GST in 2017 initially caused some disruption, particularly among SMEs who struggled to come to terms with the new tax structure. GST has hampered the small businesses more than demonetisation by forcing them to withhold inventory until they migrate to the GSTN or the GST Network and become compliant with the numerous rules and regulations that are part of this tax. However, the short-term implications of GST should be outweighed by future gains.”
Responding to India’s recent efforts to boost economic activity, Herald said decreasing the country’s corporate tax rate from 30 per cent to 25.17 per cent might incur short-term losses.
But in the long run, low tax rates, which showcase the South Asian country’s openness for FDI, is expected to attract increased trade and investment, and ultimately push the economic activity forward.
In UKIBC’s recently published 5th annual Doing Business in India Report, when asked to UK companies, whether the UK’s exit from the European Union would impact their business with India, around 55.8 per cent of respondents said it would have no impact and 25.98 per cent said it would encourage them to increase their business activities with India.
“No one company said that Brexit would cause them to rein back their engagement with India,” according to UKIBC.
Speaking on the internal issues of the south Asian country, UKIBC chief added: “Over the last two decades, India’s GDP growth rate has moved within the range of five per cent and nine per cent.
“The current slowdown is not universal across every sector or, indeed, every state in India. India remains a domestically driven economy. The percentage of economic activity that is export-related is small relative to other major economies.”
Sharing his views on the Indian government’s move that banned high value currency notes in the denomination of Rs 500 and Rs 1,000 in 2016, Heald pointed out: “Demonetisation shocked consumers – particularly in the rural areas – changing their previous habits of spending on consumer goods preferring to hold liquid assets.
“Demonetisation also led to job losses with concomitant decline in incomes and consumption being focused on essential goods and services.”
At the same time, India is not immune to external influences - in particular the simmering of the aggravating global trade disputes of which the most prominent are the disagreements between the US and China.
“However, there are some positives to take away. India is undergoing substantial structural reforms and is evolving quickly. A rebalancing of an economy as large and diverse as India’s is not simple, all the more so since it is based on a large and dynamic federal political democracy,” Heald concluded.
NEARLY all iPhones exported by Foxconn from India between March and May were shipped to the United States, according to customs data reviewed by Reuters.
The data showed that 97 per cent of Foxconn’s iPhone exports during this period went to the US, significantly higher than the 2024 average of 50.3 per cent.
This marks a shift in Apple’s export strategy from India, which earlier supplied iPhones to several destinations including the Netherlands, the Czech Republic and Britain. Now, India-made devices are being directed almost exclusively to the US market.
Between March and May, Foxconn exported iPhones worth 3.2 billion US dollars (around 2.35 billion pounds) from India, with most shipments heading to the United States. In May 2025 alone, shipments were valued at nearly 1 billion dollars (around 735 million pounds), the second-highest monthly figure after the record 1.3 billion dollars (around 955 million pounds) in March.
Apple declined to comment, and Foxconn did not respond to a Reuters request for a statement.
Tariff pressure
US president Donald Trump on Wednesday said China would face 55 per cent tariffs under a plan agreed in principle by both countries, subject to final approval. India, like many US trading partners, faces a baseline 10 per cent tariff and is negotiating to avoid a 26 per cent “reciprocal” levy that Trump announced and then paused in April.
In May, Trump criticised Apple’s increased production in India. “We are not interested in you building in India, India can take care of themselves, they are doing very well, we want you to build here,” he said, recalling a conversation with Apple CEO Tim Cook.
In the first five months of 2025, Foxconn exported iPhones worth 4.4 billion dollars (around 3.23 billion pounds) to the US from India. This already exceeds the 3.7 billion dollars (around 2.72 billion pounds) shipped in the whole of 2024.
Export push
Apple has been accelerating its iPhone shipments from India to reduce dependence on China amid rising tariffs. In March, the company chartered aircraft to move iPhone 13, 14, 16 and 16e models worth roughly 2 billion dollars (around 1.47 billion pounds) to the US.
Apple has also urged Indian airport authorities to reduce customs clearance time at Chennai airport, a key hub for iPhone exports in Tamil Nadu, from 30 hours to six hours, Reuters has reported.
“We expect made-in-India iPhones to account for 25 per cent to 30 per cent of global iPhone shipments in 2025, as compared to 18 per cent in 2024,” said Prachir Singh, senior analyst at Counterpoint Research.
Tata’s role
Tata Electronics, another Apple iPhone supplier in India, shipped nearly 86 per cent of its iPhones to the US during March and April, the customs data showed. Data for May was not available.
The Tata Group company began exporting iPhones in July 2024. During 2024, 52 per cent of its shipments went to the US, according to the data. Tata declined to comment.
Indian prime minister Narendra Modi has promoted India as a smartphone manufacturing hub. However, high import duties on mobile phone components continue to make domestic production more expensive than in many other countries.
Apple has historically sold over 60 million iPhones annually in the US, with approximately 80 per cent made in China.
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The Bank of England is weighing inflation signals ahead of rate call
PAY growth in Britain slowed sharply and unemployment rose to its highest level in nearly four years in the three months to April, official figures showed on Tuesday (10), potentially reducing the Bank of England’s (BoE) caution over further interest rate cuts.
Wage growth excluding bonuses slowed to 5.2 per cent, the weakest pace since the three months to September, and fell more than expected from 5.5 per cent in January to March this year.
The jobless rate climbed to 4.6 per cent, up from 4.5 per cent, reaching its highest point since the three months to May 2021, the Office for National Statistics said.
The April data was the first since employers were hit by a £25 billion rise in social security contributions which came into force at the start of the month, as well as a 6.7 per cent increase in the minimum wage.
The downturn appeared to gather pace in May, according to separate tax office data which showed a slump of 109,000 in the number of employees on company payrolls, the most since May 2020 at the height of the Covid-19 pandemic.
The Bank of England, which is expected to keep rates on hold at next week’s meeting, has been trying to gauge if inflation pressures in Britain’s labour market are easing sufficiently for it to continue cutting interest rates at its current quarterly pace.
“There continues to be weakening in the labour market, with the number of people on payroll falling notably,” said ONS director of economic statistics Liz McKeown.
“Feedback from our vacancies survey suggests some firms may be holding back from recruiting new workers or replacing people when they move on.”
The BoE last trimmed borrowing costs in May, by a quarter point to 4.25 per cent.
Its governor, Andrew Bailey, said last month that domestic wage and price developments were likely to be more important for future reductions in borrowing costs than US trade policy, although April’s US tariffs did help swing some policymakers’ decision to vote for a cut at its last meeting in May.
In the private sector alone, watched closely by the BoE, earnings excluding bonuses rose by 5.1 per cent in the three months to the end of April, also the weakest pace since the third quarter of 2024 the Office for National Statistics said.
Growth in total pay, including bonuses, slowed to 5.3 per cent in April from an upwardly revised 5.6 per cent, compared to economists’ forecasts for 5.5 per cent.
There were also other signs of loosening in Britain’s jobs market.
Vacancies fell by 63,000 in the three months to May to 736,000, their lowest level since the three months to April 2021.
Conservative MP and shadow business and trade secretary, Andrew Griffith, said the rise in unemployment was not surprising.
“Businesses are still absorbing a £25 billion jobs tax, but things are about to get even worse as ... (the government) hits businesses with higher regulation,” Griffith said.
Labour’s employment minister, Alison McGovern, said the ONS data showed that half a million more people were in work than when Labour won a national election last July and that wages had grown faster since then than during a decade of Conservative-led rule after 2010.
Chancellor Rachel Reeves was due to deliver her first multi-year spending review on Wednesday (11), to set budgets for public services, after Eastern Eye went to press on Tuesday.
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Keir Starmer at London Tech Week in London on Monday (9)
MORE THAN 350 technology companies from India joined London Tech Week, which began on Monday – making it the largest-ever delegation from the country to attend the event.
London mayor Sadiq Khan’s office, City Hall, described the rise in Indian participation as a reflection of deepening ties between India and London’s tech sectors, following the recent signing of the India– UK Free Trade Agreement (FTA).
Prime minister Sir Keir Starmer unveiled a £187-million government “TechFirst” programme to bring digital skills and AI learning into classrooms and communities, training people of all ages and backgrounds for the tech careers of the future.
He also announced the launch of “Extract” – an AI assistant for planning officers and local councils developed by the UK government with support from Google.
Speaking at the London Tech Week, Starmer said, “For too long, our outdated planning system has held back our country – slowing down the development of vital infrastructure and making it harder to get the homes we need built.
“With Extract, we’re harnessing the power of AI to help planning officers cut red tape, speed up decisions, and unlock the new homes for hard-working people as part of our Plan for Change. It’s a bold step forward in our mission to build 1.5 million more homes and deliver a planning system that’s fit for the 21st century.”
London Tech Week is the UK’s largest technology event, held annually in June and brings together over 45,000 attendees from more than 90 countries, including innovators, investors, tech leaders, and policymakers.
Among Indian companies taking part are a mix of high growth and established firms such as The Black Box, Digi Osmosis, Bahwan CyberTek, Arya.ai, Mphasis, Helios Batteries, Fynd, Hyperready, MoneyHOP, Siam Computing.
Hemin Bharucha, chief representative of the mayor of London and regional director for India and the Middle East at London & Partners, noted the growing presence of Indian companies in London.
“London continues to be a preferred destination for Indian innovators and investors looking to scale globally, supported by a dynamic ecosystem that nurtures collaboration, innovation, and growth,” said Bharucha.
“Our record-breaking delegation at London Tech Week 2025 highlights the immense potential and ambition of Indian tech firms to contribute to London’s thriving technology landscape,” he added.
London & Partners, as the UK capital’s growth agency supported by the mayor of London, said it hoped to promote deeper partnerships and support Indian businesses as they expand in the UK.
“This collaboration not only strengthens bilateral ties, but also positions London and India at the forefront of the global tech revolution,” added Bharucha.
Over the past three years, India has emerged as the largest investor in London.
London & Partners figures show that 31 new Indian companies were established in London in 2023, followed by 23 in 2024, and a “game changing” nine companies have already set up in just the first two months of this new financial year. Earlier this year, fintech firms such as Paytm, India’s largest digital payments app, announced plans to invest in the UK to accelerate access to affordable digital payments and credit for small businesses.
WNS, a digital-led business transformation services company founded in India with a $2.7 billion (£2bn) market cap, will expand their London presence with a new office alongside an AI design hub. Similarly, Mphasis, an Indian tech business which has established an Innovation hub in London last year, is exploring how to scale their operations in the country. Ashish Devalekar, executive vice president and head of Europe, Mphasis, said, “The UK remains an innovation powerhouse and a global hub for world-leading businesses and talent. At Mphasis, we have steadily expanded our presence in the region over the past years, and we are now on the trajectory to double the headcount through our London Innovation Hub which we opened late last year.
“This centre is a testimony to our commitment to the UK and its vibrant tech scene and will be a focal point for developing next-generation solutions in AI, quantum computing, and beyond.”
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The discussion around inclusivity and parenthood is likely to remain in the spotlight.
A female entrepreneur has said she felt “absolutely humiliated” after being denied entry to London Tech Week because she was accompanied by her 18-month-old daughter.
Davina Schonle, founder and chief executive of AI start-up Humanvantage AI, had travelled from her home to attend the event at Olympia on Monday, 10 June. She said she had made a three-hour journey to London with her daughter, Isabella, only to be turned away on arrival because children were not allowed into the venue.
The incident occurred on the same day Labour leader Sir Keir Starmer addressed the audience at London Tech Week, an annual event expected to attract over 45,000 delegates from around the world.
“Absolutely humiliated” by exclusion
Ms Schonle, 40, shared her experience in a widely circulated post on LinkedIn, where she expressed her disappointment and frustration.
“I hate that I’m having to write this,” she said. “Today I was refused entry at London Tech Week… because I had my baby with me. It’s a three-hour drive one way for me to come to London. At this stage, I limit how many hours I am away from my baby girl.”
She added that the trip was as much about exposing her daughter to new environments as it was about attending meetings and networking for her business.
“I should be able to build my company with her by my side,” she wrote. “This moment was more than inconvenient. It was a clear reminder that, as a tech industry, we still have work to do when it comes to inclusion beyond buzzwords.
Calls for greater inclusivity in tech
Schonle, who is developing a conversational AI platform for corporate training through her company Humanvantage AI, had reportedly scheduled three meetings with potential suppliers at the event. She said the incident highlighted broader issues around inclusivity in the tech sector.
“Parents are part of this ecosystem. Caregivers are innovators, founders, investors, and leaders,” she wrote. “If major events like London Tech Week can’t make space for us, what message does that send about who belongs in tech?”
She stopped short of calling for all industry events to become family-friendly but questioned whether a more inclusive approach would be more reflective of the future. “Doesn’t our future belong to the kids?” she added.
Speaking to The Times, she said she was left feeling “angry” and “humiliated” by the experience.
Support from peers in the industry
Ms Schonle’s LinkedIn post received widespread support from within the tech and business communities. Rebecca Taylor, an expert in cyber threats and human intelligence who delivered a TED talk in 2023, replied: “The juggle is real… If you’re doing your best to make life happen and be part of the conversation, other individuals and communities should be empowering you to do that.”
Janthea Brigden, ambassador for Children at Events, described the situation as “humiliating” and said it made her feel like a “non-person”.
The incident comes amid ongoing discussions around gender equality and representation in tech. According to a recent Tech Nation report, women make up only 26 per cent of the UK’s tech workforce. That figure is even lower in technical roles.
Event organiser responds
In response to the backlash, organisers of London Tech Week issued a statement acknowledging the incident.
“We’re aware that one of our attendees wasn’t allowed to enter with their child yesterday,” a spokesperson said. “As a business event, the environment hasn’t been designed to incorporate the particular needs, facilities and safeguards that under-16s require.
The incident occurred on the same day Labour leader Sir Keir Starmer addressed the audience at London Tech WeekGetty Images
“We want everyone in the tech community to feel welcome at London Tech Week. We’ve reached out directly to the person involved to discuss what happened and use this experience to inform how we approach this at LTW in the future.”
The statement did not confirm whether the policy would be reviewed ahead of future events.
Focus on diversity and inclusion
The incident has highlighted the ongoing challenges faced by women and caregivers in tech. While many conferences and corporate events have begun to introduce parent-friendly policies, others have maintained restrictions due to insurance, health and safety, or logistical concerns.
Ms Schonle’s experience has sparked renewed conversation about how events can support greater accessibility without compromising core operations. Her comments also underline the gap between diversity targets and the real-life barriers still faced by many working mothers in tech.
As London Tech Week continues throughout the week, the discussion around inclusivity and parenthood is likely to remain in the spotlight. Whether changes will be implemented in future editions of the event remains to be seen.
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The move marks the first commercial spin-off from the Smartless podcast
The hosts of the popular Smartless podcast, actors Will Arnett, Jason Bateman and Sean Hayes, have launched a new mobile phone service in the United States. Called Smartless Mobile, the service offers a budget-friendly alternative to traditional phone plans and is aimed at users who spend most of their time connected to WiFi.
The move marks the first commercial spin-off from the Smartless podcast, which is known for its celebrity interviews and humorous tone. The new venture was announced in early June 2025 and has already begun accepting sign-ups across the US mainland and Puerto Rico.
What is Smartless Mobile
Smartless Mobile is a digital-only mobile phone provider that offers plans ranging from 15 to 30 US dollars per month. Unlike many traditional mobile plans that offer unlimited data, Smartless Mobile offers what it calls “data sane” packages. These are tailored to the habits of users who rely heavily on WiFi and do not require large mobile data allowances.
The company promises that its pricing is locked for life, meaning customers will not see price hikes once they subscribe. The service uses the existing 5G network operated by T Mobile in the US and functions through eSIM technology, allowing users to activate service without needing a physical SIM card.
Customers bring their own phones and transfer their existing number by scanning a QR code in the Smartless Mobile app. There are no retail stores or contracts, and the service is managed entirely through the app.
Who is behind it
In addition to the three podcast hosts, Smartless Mobile is being led by Paul McAleese, a veteran in the telecommunications industry, who serves as the company’s chief executive officer. His wife, Jeni McAleese, is the chief brand officer. The venture is backed by Thomvest Asset Management, a Canadian investment firm with interests in the tech and communications sector.
- YouTubeYouTube/ Jimmy Kimmel Live
The founders say their aim is to simplify mobile service, eliminate hidden fees and avoid confusing contracts, something they believe resonates with everyday users who are frustrated with large telecom providers.
Celebrity phones: Trend or gimmick
Smartless Mobile is not the first example of a celebrity entering the telecom space. Actor Ryan Reynolds previously co-founded Mint Mobile, a low-cost phone provider, which was later acquired by T Mobile in a deal worth more than one billion US dollars.
While Mint Mobile has been praised for its affordability and marketing, some critics have questioned the motives behind similar ventures. Commentators have suggested that celebrities moving into utilities, such as phone services, may be more about branding and less about actual service improvements.
However, the Smartless team has leaned into their comedic brand. Promotional materials for the launch include tongue-in-cheek videos in black and white, poking fun at the complexity of other mobile providers while promoting Smartless Mobile as a simple and honest option.
Is it a good deal
Smartless Mobile may appeal to users looking to save money on mobile plans, especially those who already use WiFi most of the time and do not need unlimited data. The app-based service model also allows for a modern, streamlined experience that avoids store visits and paperwork.
That said, critics have raised questions about whether the limited data plans would meet the needs of average users. Others have expressed scepticism about whether the celebrity founders themselves use the service they are promoting.
Still, the company has been transparent about its infrastructure, openly acknowledging its use of T Mobile’s network. This sets it apart from some other mobile virtual networks, which often do not disclose their partnerships.
A new player in the market
Smartless Mobile has officially launched and is open for sign-ups across the US. With a growing number of users seeking affordable and flexible phone plans, the service could carve out a niche, especially among fans of the podcast and cost-conscious consumers.
Whether it becomes a long-term success or joins the list of short-lived celebrity ventures remains to be seen. For now, Smartless Mobile represents an unusual crossover between entertainment and telecoms, offering a product that blends humour, simplicity and low-cost access.