CII, Grant Thornton Bharat predict India-UK trade to double by 2030

The report’s second edition was launched by Grant Thornton Bharat in partnership with the Confederation of Indian Industry (CII), and supported by the UK's department of international trade.

The report said 618 UK companies have been identified in India that together employ around 4.66 lakh people and have a combined turnover of ₹3,634.9 billion.

"The UK remained the sixth-largest investor in India, with a cumulative investment of approximately $31.92 billion in 2000-22. This constituted around 5.4 per cent of the total foreign direct investment (FDI) into India," the report said.

"The FTA is also expected to result in significant benefits for both countries through tariff concessions on alcoholic beverages and the movement of professionals," it said.

The proposed pact is expected to boost Indian exports in labour-intensive sectors like textile, leather, jewellery, processed agri-products and marine products,.

The United Kingdom is likely to look at reducing tariffs on products like apples, UK-manufactured medical devices and machinery, the report added.

Fibre2Fashion News Desk (DS)