Skip to content
Search

Latest Stories

India will overtake the UK to become 3rd largest economy by end of the decade: UK High Commissioner

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.

India will overtake the UK to become 3rd largest economy by end of the decade: UK High Commissioner

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.

(ANI)

More For You

New body led by Sir Sajid Javid aims to amplify ‘unheard’ voices
Sajid Javid

New body led by Sir Sajid Javid aims to amplify ‘unheard’ voices

A NEW independent commission to improve cohesion would engage across all nations and regions of the UK by moving beyond Westminster-centric discussions and include more diverse voices, the director of British Future thinktank has said.

Sunder Katwala said building confidence across different groups will be a priority, as economic pressures and tensions due to Middle East conflict have polarised communities in the UK.

Keep ReadingShow less
Yarl’s-Wood-detention-centre-Getty

In 2018, she was detained at Yarl’s Wood detention centre after being told she would be deported. (Photo: Getty Images)

Court awards £100,000 to Pakistani asylum seeker over unlawful detention

A PAKISTANI asylum seeker has been awarded nearly £100,000 after a UK court ruled that she was unlawfully detained and subjected to breaches of her rights by the Home Office.

Nadra Almas, who arrived in the UK on a student visa in 2004, overstayed after her visa expired. She argued that returning to Pakistan would put her at risk as a Christian.

Keep ReadingShow less
Pakistan court gives unusual punishment to Youtuber Rajab Butt for owning lion cub

Pakistani zookeeper Mohammad Amir holds the confiscated lion cub at Lahore’s safari zoo last Tuesday (28)

Pakistan court gives unusual punishment to Youtuber Rajab Butt for owning lion cub

A PAKISTANI YouTube star who was gifted a lion cub on his wedding day avoided jail after promising a judge to upload animal rights videos for a year.

Rajab Butt has one of the largest online followings in south Asia, and his week-long nuptials in December were plastered over celebrity gossip websites.

Keep ReadingShow less
Theft and violence in retail shops hit record high in 2024

The Labour government has pledged to address the rise in retail crime through stronger measures to tackle shoplifting and anti-social behaviour

iStock

Theft and violence in retail shops hit record high in 2024

THEFT and violence against retail workers in Britain soared to record levels last year, driven partly by criminal gangs, and are “out of control”, according to a report last Thursday (30).

The British Retail Consortium's annual crime survey found that more than 20 million thefts occurred in the year to August 31, 2024 – an average of 55,000 a day – costing retailers £2.2 billion.

Keep ReadingShow less
33 Gujaratis deported from US land in Ahmedabad

Indian immigrants who allegedly illegally migrated to the US arrive at Sardar Vallabhbhai Patel International Airport, in Ahmedabad. (ANI Photo)

33 Gujaratis deported from US land in Ahmedabad

A PLANE carrying 33 people from Gujarat, who were among 104 Indians deported from the US for illegal immigration, landed at Ahmedabad airport from Amritsar on Thursday (6) morning, officials said.

Soon after their arrival, the 33 immigrants, including some children and women, were transported to their native places in Gujarat in police vehicles, assistant commissioner of police, 'G' division, R D Oza said.

Keep ReadingShow less