Goyal said that every growth parameter is showing an extremely exciting future for the country….reports Asian Lite News
India is fast processing discussions on Free Trade Agreements with countries like the UK, UAE and GCC countries, Australia and the EU, this was informed by Union Minister Piyush Goyal on Saturday while addressing business and trade fraternity through the platform of Jain International Trade Organisation (JITO).
He said that India and the US have agreed to aspire for $500 billion trade in near future. He said the world is looking for a trusted partner and that partner is India’s business community.
It may be noted that recently, India emerged as the world’s 2nd most desirable manufacturing destination overtaking the US. This shows the potential & promise of India to become the “Manufacturing hub” of the world. He added that along with that ”we should also become a “Trading hub–The place where the world comes to shop.”
He also said that the country’s policymakers firmly believe in the capabilities of the business community as well as start-ups which can make India the top economy globally in the next 25-30 years.
Lauding the role of all wealth creators of the country, he said, “You are the people who help the government take several social welfare initiatives to the poorest of the poor. He said through a series of programmes, Prime Minister Narendra Modi has transformed the lives of underprivileged, Women and Children of this country. The business community has helped realise the PM’s Vision.”
He said the synergy between the Government and the private sector has injected confidence in people. What India can provide the world, no other country can. A partnership between the people, the private sector and the Government is transforming the lives of 130 crore Indians.
“Be it Ease of Doing Business or Ease of Living, Be it Transparency or Transfer of Benefits. Today, a robust foundation laid in last 7 years, inspires us to dream big & write our own destiny,” the Union Minister said, adding this is a New India which will be built on mantra of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas & Sabka Prayas’.
Goyal said that every growth parameter is showing an extremely exciting future for the country.
“Whether it is FDI, forex reserves, foodgrain reserves, agriculture production, manufacturing, all sectors are on a growth path. We now need to sprint ahead,” he said.
“The Union Minister said that under the decisive leadership of Prime Minister Narendra Modi, we have aimed to transform India in every field. Be it Ease of Doing Business or Ease of Living, Be it Transparency or Transfer of Benefits. Today, a robust foundation laid in the last 7 years, inspires us to dream big & write our own destiny,” he said.
Goyal said that India’s rise to the top will be backed by Trust, Tenacity & Talent of our Traders.
He said today, India is ready to SPRINT ahead with Stability,Productivity, Resilience, Innovation, Nationalistic spirit &Talent. (India News Network)
While reviewing the progress, the Minister said that ONDC will work both for products and services….reports Asian Lite News
Union Minister of Commerce and Industry Piyush Goyal on Friday said the proposed ONDC will end monopolistic practices in digital commerce in India
“Goyal deliberated with the members of the advisory council & experts on how the initiative will democratise digital commerce & move it from platform-centric model to an open-network model,” commerce ministry said in a statement after Goyal chaired a meeting of the advisory council.
While reviewing the progress, the Minister said that ONDC will work both for products and services. “Goyal suggested that some guidelines or basic infrastructure, size, ethics and principles should be there. Goyal further added that security and data privacy and confidentiality must be ensured. He said that this will create new opportunities and remove monopolistic environments,” the statement said.
The advisory council includes R.S. Sharma, CEO, National Health Authority, Nandan M. Nilekani, non-executive Chairman of Infosys, Adil Zainulbhai, Chairman, Quality Council of India, Anjali Bansal, Founder & Chairperson, Avaana Capital, Arvind Gupta, Co-founder and Head, Digital India Foundation, Dilip Asbe, MD and CEO, NPCI, Suresh Sethi, MD and CEO, NSDL e-Governance Infrastructure Ltd, Praveen Khandelwal, Secretary-General, Confederation of All India Traders and Kumar Rajagopalan, CEO, Retailer Association of India.
It may be noted, Open Network for Digital Commerce christened ONDC is globally first-of-its-kind initiative that aims to democratize Digital Commerce, moving it from a platform-centric model to an open-network.
“As UPI is to the digital payment domain, ONDC is to e-commerce in India. ONDC will enable buyers and sellers to be digitally visible and transact through an open network. no matter what platform/application they use. ONDC will empower merchants and consumers by breaking silos to form a single network to drive innovation and scale, transforming all businesses from retail goods, food to mobility,” the commerce ministry said.(India News Network)
Through several discussions led by ADDED, the Abu Dhabi Government identified and removed duplicate requirements and modified existing requirements…reports Asian Lite News
Abu Dhabi Government reduced the requirements for starting a new commercial business by 71 percent, the Abu Dhabi Department of Economic Development (ADDED) has announced.
In April 2021, a special task force, led by ADDED and launched as part of the department’s Investor Journey Programme, coordinated with more than 20 government entities and the private sector to achieve the reduction.
Through several discussions led by ADDED, the Abu Dhabi Government identified and removed duplicate requirements and modified existing requirements to facilitate the process of starting a business while not compromising public safety and security.
Mohamed Ali Al Shorafa, Chairman of ADDED, thanked all local and federal entities for helping achieve the ambitious target in a short time. All relevant changes are already reflected in respective systems and will be effective from 1st August.
Rashed Abdulkarim Alblooshi, Under-Secretary of ADDED, stated that this considerable reduction is only the start of the programme, which is not a close-ended initiative but is an ongoing collaboration that will maintain the capital’s competitive advantage.
Sameh Abdulla Al Qubaisi, Executive Director of the Executive Affairs Office of ADDED, said that the move came after several recent announcements regarding the ease of doing business in the emirate. In early July, ADDED established the Abu Dhabi Residents Office (ADRO) to attract talents and provide services to strengthen Abu Dhabi’s position as a preferred destination for living and working. Last week, ADDED announced that all licence issuance and renewal fees for Abu Dhabi Government entities have been reduced to AED1,000, and over 93 percent of economic activities can now receive a commercial licence within six minutes.
To further enhance investors’ experience, ADDED is working closely with the Abu Dhabi Digital Authority (ADDA) to improve the commercial licensing services on the TAMM-Abu Dhabi Government Services website, Al Qubaisi added.
Various business and industry groups from India and US are partnering in the fourth meeting of the forum scheduled for October 28 and 29. ..reports Arul Louis
India and the US are sponsoring a virtual meeting of the Indo-Pacific Business Forum (IPBF) to promote government and business cooperation across the region, according to the State Department.
The US Chamber of Commerce, the Confederation of Indian Industry, the Federation of Indian Chambers of Commerce and Industry, and the US-ASEAN Business Council (USABC) are partnering in the fourth meeting of the forum scheduled for October 28 and 29.
The government and business leaders from across the region at the meeting will “be able to explore regional government and business partnerships and commercial opportunities” at the forum, the Department said on Thursday.
The participants will “exchange ideas through interactive discussions organized around three broad themes: Economic Recovery and Resilience; Climate Action; and Digital Innovation,” it added.
Although this is not within the ambit of the Quad — the regional grouping of India, the US, Japan and Australia — the forum reflects its growing interest in developing economic interests regionally.
“The IPBF will showcase high-impact private sector investment and government efforts to support market competition, job growth, and high-standard development for greater prosperity and economic inclusion in the Indo-Pacific,” the Department said.
A pedestrian walks by a pub, The Hope, shuttered in London due to coronavirus regulations. Thousands of British pubs have not survived the pandemic, according to an industry association, and the ones that have will need financial support "for years if they are to recover." Photo: Yui Mok/PA
Amber arrivals who have been fully vaccinated in the USA and European countries will still be required to complete a pre-departure test before arrival into England, alongside a PCR test on or before day 2 after arrival…reports Asian Lite News.
The passengers arriving from amber countries who have been fully vaccinated in EU or US will not have to quarantine when entering England, the government has announced.
This was as part of a range of new measures designed to continue to drive forward the reopening of international travel, set out after the second Global Travel Taskforce checkpoint review.
From 4am 2 August 2021, passengers who are fully vaccinated in the EU with vaccines authorised by the European Medicines Agency (EMA) or in the US with vaccines authorised by the Food and Drug Administration (FDA), or in the Swiss vaccination programme, will be able to travel to England without having to quarantine or take a day 8 test on arrival, the government said in a statement.
Amber arrivals who have been fully vaccinated in the USA and European countries will still be required to complete a pre-departure test before arrival into England, alongside a PCR test on or before day 2 after arrival.
Separate rules will continue to apply for those arriving from France. Those vaccinated in the US will also need to provide proof of US residency. Passengers from all countries cannot travel to the UK unless they have completed a passenger locator form.
Meanwhile, the government has also confirmed the go ahead for international cruise sailings to restart from England in line with Public Health England guidance.
International cruise travel advice will be amended to encourage travellers to understand the risks associated with cruise travel and take personal responsibility for their own safety abroad.
To further support the safe restart of international cruise travel, the government and cruise industry have signed a memorandum of understanding (MOU) to help the industry build back from COVID-19 while protecting British nationals from future pandemic-related disruption.
“We’ve taken great strides on our journey to reopen international travel and today is another important step forward,” Transport Secretary Grant Shapps said. “Whether you are a family reuniting for the first time since the start of the pandemic or a business benefiting from increased trade – this is progress we can all enjoy.”
Sajid Javid (ANI)
“We will of course continue to be guided by the latest scientific data but thanks to our world-leading domestic vaccination programme, we’re able to look to the future and start to rebuild key transatlantic routes with the US while further cementing ties with our European neighbours,” he added.
Health and Social Care Secretary Sajid Javid said UK is taking another step on the road to normality which will reunite friends and families and give UK businesses a boost.
“We are also relaxing the testing requirements for certain critical workers, who by the nature of their work do not mix with the public or leave their vehicles helping free up running times by removing undue burdens,” he said.
The supplementary demand for grants is an additional grant required to meet the required expenditure of the government over and above the amount for which Parliamentary nod was taken earlier…reports Asian Lite News.
The Centre on Tuesday sought the Parliament’s approval for additional spending of Rs 1.87 lakh crore to meet its expenditure commitments made under various Covid relief measures and to provide higher allocation for the health sector.
Finance Minister Nirmala Sitharaman presented the first batch of supplementary demands for grants in the Lok Sabha that, among other things, also includes a sum of Rs 1,58,999.99 crore required for providing loans to state governments, through issue of debt under a special window under back-to-back loans to states in lieu of GST compensation shortfall.
The supplementary demand for grants is an additional grant required to meet the required expenditure of the government over and above the amount for which Parliamentary nod was taken earlier.
The need for additional expenditure has arisen in wake of the government extending the term of a few Covid relief measures as the country was hit by a second wave of the pandemic post announcement of Budget 2021-22.
Union Finance Minister Nirmala Sitharaman.
The government has sought gross additional expenditure of Rs 1,87,202.41 crore, but net cash outgo is expected to the tune of only Rs 23,674.81 crore as additional expenditure is matched by savings of the Ministries/Departments or by enhanced receipts/recoveries aggregating to Rs 1,63,526.88 crore.
Besides, token provision of Rs 72 lakh has been sought, Rs 1 lakh for each item of expenditure, for enabling re-appropriation of savings in cases involving New Service or New Instrument of Service.
Apart from higher expenditure needed towards supporting the healthcare system during the Covid times, a major portion of additional cash spending, about Rs 1,750 crore will go towards compounded interest support to lending institutions in respect of borrowers under compounded interest support scheme for loan moratorium.
Parliamentary approval has also been sought for additional spending of Rs 10,727.50 crore for meeting expenditure towards Grants-in-aid General under National Rural Health Mission-India Covid-19 Emergency Response and Health System Preparedness Package Phase-II.
Also, an additional sum of Rs 2,641.67 crore is required for meeting expenditure towards Maintenance of Value (MoV) – an IMF Obligation — through issue of securities.
The government has stepped up expenditure in wake of the pandemic that almost brought down the economy to a grinding halt during the time of lockdown during the March-May period last year. Though the impact of second-wave has been limited, already, some early signs of stress seem to appear. The government last month has already announced a Rs 6.28 lakh crore stimulus package.
LG recently held a special promotion for iPhones, iPads and other Apple products on Lifecare, its online shopping mall for group employees, according to the sources….reports Asian Lite News
LG Group, South Korea’s fourth-largest conglomerate, is apparently looking to beef up its business relationship with Apple, industry insiders said on Tuesday, amid rumours that its electronics affiliate may sell the US tech titan’s products at its retail shops.
LG recently held a special promotion for iPhones, iPads and other Apple products on Lifecare, its online shopping mall for group employees, according to the sources.
This was reportedly the first time that the group offered mobile devices from another smartphone manufacturer for its employee purchase programme, reports Yonhap news agency.
The move came amid growing speculations that LG Electronics may sell Apple products to local consumers at its 400 stores nationwide following its departure from the mobile business.
In April, LG Electronics announced that it will withdraw from the smartphone business by July after years of losses.
Industry insiders said LG Group is looking to boost business ties with Apple for its future growth. The group already has been providing electronics parts, including displays and camera modules, to Apple.
Recently, its electric vehicle (EV) parts joint venture with Magna International Inc., LG Magna e-Powertrain Co., has been linked with Apple’s possible self-driving car development.
LG Uplus, the group’s telecommunications unit, also started to develop an office working system compatible with Apple iOS for employees using iPhones.
Following LG’s exit from the mobile business, Apple has been trying to expand its presence in the South Korean smartphone market that is dominated by its archrival Samsung Electronics.
Apple recently launched a trade-in programme in South Korea to woo consumers with LG smartphones.
The agreement capitalises on the growing demand for these critical industrial raw materials and leverages the strengths of ADNOC and Reliance as global industrial and energy leaders….reports Asian Lite News
Reliance Industries and Abu Dhabi National Oil Company (ADNOC), a state-run oil company of the UAE, have finalised an agreement for a petrochemical joint venture several months after signing a broad framework agreement.
The two on Tuesday announced that through the agreement, Reliance will join a new world-scale chlor-alkali, ethylene dichloride and polyvinyl chloride (PVC) production facility at TA’ZIZ in Ruwais, Abu Dhabi.
The agreement capitalises on the growing demand for these critical industrial raw materials and leverages the strengths of ADNOC and Reliance as global industrial and energy leaders.
The project will be constructed in the TA’ZIZ Industrial Chemicals Zone, which is a joint venture between ADNOC and ADQ.
The agreement continues the momentum of ADNOC’s downstream and industry growth plans in line with ADNOC’s 2030 strategy.
Our GCEO and MD, H.E Dr. Sultan Al Jaber, and Reliance Industries Chairman and MD, Mr. Mukesh D Ambani, spoke of the significance of the strategic agreement to develop key chemical projects at TA’ZIZ in Ruwais.#MakeItInTheEmirates
Petrochemical, refining and gas growth projects are currently under construction, with a number of projects also recently completed across the downstream and industry portfolio.
ADNOC is gearing up for growth with TA’ZIZ, the world-scale chemicals production hub and industrial ecosystem based in Ruwais, with investment in excess of 18 billion AED (Arab Emirates Dirham) and a number of further growth projects in the downstream and industry sector.
Under the terms of the agreement, TA’ZIZ and Reliance will construct an integrated plant, with capacity to produce 940 thousand tonnes of chlor-alkali, 1.1 million tonnes of ethylene dichloride and 360 thousand tonnes of PVC annually.
Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, and ADNOC Managing Director and Group CEO, said: “We are delighted to attract an investor of Reliance’s caliber to partner with ADNOC and ADQ in accelerating growth at TA’ZIZ. This agreement is a significant milestone, as we continue to grow a globally competitive industrial ecosystem and highly attractive investor value proposition.”
Welcoming the initiative, Reliance Industries Chairman and Managing Director Mukesh Ambani said: “We at Reliance are excited to enter into a strategic partnership with ADNOC for establishing a world-class and world-scale chemical project at TA’ZIZ in Ruwais. This important milestone further bolsters our long-standing relationship with ADNOC, reaffirming our faith in the global vision of the UAE’s wise leadership.
“It is also yet another testimony to the enormous potential in advancing India-UAE cooperation in value enhancement in the energy and petrochemicals sectors. The project will manufacture ethylene dichloride, a key building block for production of PVC in India. This is a significant step in globalising Reliance’s operations, and we are proud to partner with ADNOC in this important project for the region.”
Chlor-alkali is used in water treatment and in the manufacture of textiles and metals. Ethylene dichloride is typically used to produce PVC, which has wide range of applications across housing, infrastructure and consumer goods. The market for these chemicals is expected to enjoy steady growth supported by the needs of growing demand, particularly in Asia and Africa.
Finance Minister Niramala Sitharaman has announced eight new relief measures to boost the economy, with a special focus on health and tourism, reports Asian Lite News
The Centre on Monday extended liquidity support to various stressed sectors of India Inc as well as micro credit borrowers and export oriented industries.
Accordingly, Finance Minister Nirmala Sitharaman announced eight relief measures worth Rs 6,28,993 crore.
These measures entail enhancement of existing relief schemes such as ECGLS and support for state governments.
Besides, a total of four new measures were announced to provide loans to micro credit borrowers as well as tourism industry.
Further, Sitharaman announced Rs 50,000 crore guaranteed loan for creation of medical infrastructure.
She said that ECLGS scheme will be enhanced by Rs 1.5 lakh crore. Furthermore, she announced a Rs 1.1 lakh crore loan guarantee scheme for Covid-affected sectors.
She said that first 5 lakh tourist visas will be issued free of charge. This step will be taken once the visa issuance start.
Apart from these the Atmanirbhar Bharat Rozgar Yojana has been extended till March 31, 2022 entailing government PF liability of employees and employers depending on the size of the organisation.
To incentivise reforms in the power sector, it has been decided to provide Rs 3.03 lakh crore for Reform Based Result Linked Power Distribution Scheme. pic.twitter.com/sQrgzBhNkQ
— NSitharamanOffice (@nsitharamanoffc) June 28, 2021
On exports, the minister announced support extended to National Export Insurance Account (NEIA) worth Rs 33,000 crore for project exports from India.
Similarly, support has been extended to ECGC (Export Credit Guarantee Corporation of India) worth Rs 88,000 crore for merchandise exports.
Additional funds worth Rs 19,041 crore was announced for Digital India scheme. Also, the tenure of large scale electronics manufacturing PLI scheme has been extended.
In addition, the Centre will come out with a new streamline policy for PPP and asset monetisation.
“Today’s announcement contained a mix of new schemes focussed on relief for the pandemic-affected sectors, extension of earlier schemes, as well a reiteration of recent announcements such as free food grains up to November 2021,” said Aditi Nayar, Chief Economist, ICRA.
An additional amount of Rs. 23,220 crore would be spent on Public Health with special emphasis on children and paediatric care. pic.twitter.com/p1RpAvAGyS
— NSitharamanOffice (@nsitharamanoffc) June 28, 2021
“The new schemes announced for the pandemic-affected sectors include the extension of guarantees of around Rs 2.6 trillion, which will have a limited fiscal cost upfront, even as their success will hinge on offtake.”
According to Madhavi Arora, Lead Economist, Emkay Global Financial Services: “While the measures are welcome and target Covid-sensitive sectors , most of the fiscal support is still below the line and in the form of loan guarantees, and not direct stimulus.”
“Overall, amid various push and pull, there is a likelihood of fiscal slippage to the tune of around 0.5 per cent from the initially budgeted 6.8 per cent.”
Further, Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research said: “The other significant measure from the government is a credit guarantee scheme for the MFI sector which has also been particularly impacted by the second wave of Covid.”
It has been proposed to infuse equity in Export Credit Guarantee Corporation (ECGC) over five years to boost export insurance cover by Rs. 88,000 crore. pic.twitter.com/3itH2gxEY6
— NSitharamanOffice (@nsitharamanoffc) June 28, 2021
“Since the MFI sector has exposure to the informal sector whose businesses have been substantially affected by the pandemic, its collections have taken a hit in the current quarter.”
In addition, Aloke Bajpai, CEO & Director, ixigo said: “The announcement of free tourist visa to first 5 lakh tourists coming to India by 31st March 2022 is a welcome step. This move will surely boost the morale of travel and tourism sector and aid in faster recovery of inbound tourism. With vaccination drives gathering pace and resumption of activities we are optimistic normal international flights will resume operations soon.”
“We expect to see similar moves from other countries to attract foreign tourists once borders open.”
The new research, developed by Grant Thornton UK LLP in collaboration with the Confederation of Indian Industry, analyses the data of UK-incorporated limited companies that are either owned or controlled by Indian interests, reports Asian Lite News
As the Prime Minister’s visit to India is postponed but conversations are set to continue online later this month on the plans for the future partnership between the UK and India; the eighth edition of the Grant Thornton India meets Britain Tracker explores the significant contribution Indian companies continue to make to the UK economy, which has increased in almost every measure compared to the previous year’s report.
The new research, developed by Grant Thornton UK LLP in collaboration with the Confederation of Indian Industry, analyses the data of UK-incorporated limited companies that are either owned or controlled by Indian interests.
This year’s research finds that there are 850 Indian companies operating in the UK, up from 842 in the 2020 report. These companies:
recorded £50.8 billion total turnover, up from £41.2 billion in 2020
employed 116,046 people, an increase from 110,793 in 2020
paid £459.2 million in corporation tax, down from £461.8 million in 2020
47% have at least one woman on their board, compared with 20% in 2020
During 2020, despite continued uncertainty over the final outcome of the UK’s exit from the European Union, the research finds that Indian investors have continued to invest in the UK. They were involved in ten acquisitions (the highest of any single EU country) throughout the year, including four in the technology and telecoms industry and two in manufacturing.
People wearing face masks walk past sale advertisement on Oxford Street in London, Britain
The report also provides a Tracker of the fastest growing Indian-owned companies in the UK, measured by those with a turnover of more than £5 million, year-on-year revenue growth of at least 10% and a minimum two-year track record in the UK.
This year, 49 companies met the qualifying criteria for appearing in the Tracker, achieving an average revenue growth rate of 40%.
Technology and telecoms companies dominate but interest in pharmaceuticals rises
For the eighth year in a row, technology and telecoms companies dominate the Tracker, accounting for 20 of the 49 companies included. Birlasoft Solutions tops the list as the fastest-growing company this year, recording 158% revenue growth. Meanwhile Diligenta (owned ultimately by Tata Sons) was the largest company listed, with revenue of £388 million and an impressive growth rate of 62%.
While technology and telecoms continues to dominate, the proportion of pharmaceuticals and chemicals companies featuring in the Tracker increased significantly this year, up to 27% of the total from 15% in 2020.
London remains preferred location
Over half (53%) of the fastest-growing Indian companies in this year’s report are located in London, confirming the capital as their continued preferred location. However, the South is found to be growing in popularity, with the proportion based in this region up by almost half to just over 16%, from 11% last year.
This year’s Tracker identified that over half (53%) of the fastest growing companies have a female director on their board. This is higher than the comparative figure for the entire Indian company landscape in the UK – with 47% of the 850 Indian companies reporting a female director on their board.
Anuj Chande, Head of South Asia Business Group, Grant Thornton UK LLP
Anuj Chande, Head of South Asia Business Group, Grant Thornton UK LLP, commented:
“Despite the challenges of the past year and, as Britain aims to increase trading and investment links around the world post Brexit, the long-standing ties between Britain and India only look set to deepen.
“Our research finds that the number of Indian companies operating in the UK has increased and that many continue to grow at a rapid rate, with some recording triple digit growth.
“Brexit marks a significant moment for the UK-India relationship. With a UK-EU Trade and Cooperation Agreement now reached, the UK is free to begin developing its new post-Brexit identity as a ‘Global Britain’ and to strengthen links with major economies beyond Europe. India looks to be one of the first, with the Prime Minister’s postponed visit to India – set to have been his first international visit outside of Europe post-Brexit – a clear indication of the significance of the relationship, with both parties confirming that the conversation will continue online for now.
“As the UK government looks to supercharge the economic partnership to support growth, jobs and prosperity, and India continues its journey to becoming one of the world’s largest economies, the ‘living bridge’ between the two countries, formed by more than 1.5 million Indian diaspora living in the UK, will be more important than ever. India is also likely to benefit from the major modifications made to the UK’s immigration policy, with the new point-based system for visas for skilled workers likely to benefit India significantly due to the creation of a more level playing field.”
Lord Gerry Grimstone
Minister for Investment Gerry Grimstone said:
“I welcome these findings, which show that the UK continues to be a highly attractive destination for Indian investors, who are both bringing jobs to the UK and increasing female representation at the highest level in our boardrooms.
“Deeper trading ties with India will ensure more fast-growing companies like Birlasoft and Diligenta will have the opportunity to bring jobs and growth to the UK, as we build back better, and stronger, from Covid-19.”
Gaitri I. Kumar, the High Commissioner of India to the UK
High Commissioner of India to the UK, Ms. Gaitri Issar Kumar added:
“Trade and investment flows between India and the United Kingdom have remained on a positive trajectory despite the pandemic. Our Governments are committed to removal of trade barriers and encouraging collaborations in innovation and technology development particularly in sectors where our nations have complementary capabilities. I congratulate all the Indian companies listed – whose leadership and success will inspire new ventures.”
Mr Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII), said:
“The statistics are a reflection of the strong contribution that Indian industry has continued to make in the UK, in keeping jobs and supporting the local economy. As discussions around the India and UK Enhanced Trade Partnership agreement continue, and as nations continue to battle the pandemic, CII and its members have worked towards facilitating an economic recovery path which has been invaluable and it is therefore highly encouraging to see the role our Indian industry has played here in the UK.”
