Latest news with #UKIBC
Time of India
24-07-2025
- Business
- Time of India
Landmark deal to unlock unprecedented trade, investment opportunities between India, UK: UKIBC
The UK India Business Council (UKIBC) welcomed the signing of the free trade pact between the two countries on Thursday, saying the landmark deal promises to "unlock" unprecedented trade and investment opportunities between them. The mega deal, signed during Prime Minister Narendra Modi 's visit to the UK marks a "historic milestone" in the bilateral relationship, the council said. Explore courses from Top Institutes in Please select course: Select a Course Category MBA Design Thinking Project Management Public Policy MCA PGDM Artificial Intelligence others CXO Management Data Analytics Cybersecurity Data Science Leadership Others healthcare Degree Product Management Finance Healthcare Digital Marketing Technology Operations Management Data Science Skills you'll gain: Analytical Skills Financial Literacy Leadership and Management Skills Strategic Thinking Duration: 24 Months Vellore Institute of Technology VIT Online MBA Starts on Aug 14, 2024 Get Details Skills you'll gain: Financial Management Team Leadership & Collaboration Financial Reporting & Analysis Advocacy Strategies for Leadership Duration: 18 Months UMass Global Master of Business Administration (MBA) Starts on May 13, 2024 Get Details Prime Minister Modi witnessed the signing of the trade pact along with his British counterpart Keir Starmer. After many years of hard work, a comprehensive economic and trade agreement has been inked between India and the UK, Modi noted with Starmer by his side at Chequers, the country residence of the British prime minister. "India's large and fast-growing economy, with a 1.4 billion market and an expanding middle class, offers UK businesses significant export and investment opportunities. Tariff reductions under the free trade agreement are expected to boost UK exports," the UKIBC said in a statement. Live Events It said that with this deal, Britain welcomes almost GBP 6 billion in new investment and export wins, which aim to create more than 2,200 British jobs across the country with the Indian firms expanding their operations in the UK and British companies securing new business opportunities in India. UKIBC is a policy advocacy and strategic consulting not-for-profit, with a mission to grow the UK-India trade and investment. India and the UK inked the FTA that will increase market access , cut tariffs on British whisky and cars among other items and double bilateral trade by 2030. The two strategic partners vowed to chart a new growth path amid growing global concerns over Washington's trade policies. Today is a "historic day" in India-UK relations, Modi said. "The UK India Business Council welcomes the signing of the UK-India Free Trade Agreement (FTA), a landmark deal that promises to unlock unprecedented trade and investment opportunities between two of the world's largest and most dynamic economies," the statement added. UKIBC said it has played an "active role" in supporting the FTA process, facilitating consultations with industry, providing evidence-based recommendations and ensuring the voices of UK and Indian businesses-especially mid-sized and sector-specific players, emphasising that they are heard and reflected in the negotiations. Richard Heald, Chair, UK-India Business Council, said, "Businesses across both countries have long called for an agreement that reduces barriers, enhances market access and creates a clear framework for long-term, sustainable growth." "We congratulate both governments for their commitment and ambition in bringing this complex negotiation to fruition. Success in the FTA will support further economic growth for the world's 4th and 6th largest economies. It will catalyse collaboration into other areas too," he said according to the statement. As India charges ahead towards 'Viksit Bharat' by 2047, UKIBC and more broadly, British businesses recognise that "a successful FTA is a critical milestone in a longer-term journey" and are keen to support India's ambitions, Heald said.
Fibre2Fashion
24-07-2025
- Business
- Fibre2Fashion
BCC, UKIBC hail signing of India-UK FTA
Key UK sectors expected to benefit from the India-UK Free Trade Agreement (FTA) signed today include food and drink, industrial goods and automotives, according to the British Chambers of Commerce (BCC), which said not only will these sectors see lower tariffs now, but reductions will follow over the next decade, creating stable conditions to expand UK exports to India. 'Currently around 16,000 UK companies are trading goods with Indian companies, and there is high interest in our Chamber Network to grow that,' William Bain, BCC's head of trade policy, said in a statement. Key UK sectors expected to gain from the India-UK FTA include food and drink, industrial goods and automotives, according to the British Chambers of Commerce, which said not only will these sectors see lower tariffs now, but reductions will follow over the next decade, creating stable conditions to expand UK exports to India. The FTA marks a historic milestone in the bilateral ties, UKIBC said. 'A stronger UK-India relationship also creates huge scope to raise our services exports, which already outperform our sales of goods. This deal will create new opportunities in the transport, travel, creative and business support sectors alongside traditional strengths in finance and professional services,' he added. 'The UK-India FTA marks a historic milestone in the bilateral relationship. Businesses across both countries have long called for an agreement that reduces barriers, enhances market access, and creates a clear framework for long-term, sustainable growth,' said Richard Heald, chair of the UK-India Business Council (UKIBC). Fibre2Fashion News Desk (DS)
The Hindu
21-07-2025
- Business
- The Hindu
At FTA's heart, the promise of Global Capacity Centres
As the United Kingdom and India move steadily toward signing of their historic Free Trade Agreement (FTA), there is growing recognition of the FTA's potential to redefine bilateral economic engagement. Among the most promising areas of collaboration is the rapidly evolving ecosystem of Global Capability Centres (GCCs) — a sector where India leads, and the U.K. can be a pivotal partner. India is already home to more than 1,500 GCCs, employing over 1.9 million people and contributing significantly to the global innovation and digital transformation agendas of multinational corporations. Increasingly, British companies are looking to India not just as a cost-effective back office, but as a strategic partner for research and development, analytics, cybersecurity, and emerging tech solutions. The FTA could be a catalyst for deeper engagement in this space. By easing regulatory barriers, facilitating smoother movement of professionals, and harmonising digital and data governance standards, the agreement can support the expansion of GCCs that serve U.K.-headquartered businesses — or leverage British expertise to serve global markets from India. Much potential The U.K.'s Foreign Secretary David Lammy visited India within weeks of his taking office, demonstrating commitment towards the partnership with the U.K. The Business and Trade Secretary, Jonathan Reynolds' visit ahead of resuming FTA negotiations, following suit. At the UK India Business Council (UKIBC), we think that there is real potential to further increase our trade, investment, and wider partnership. Prime Ministers Keir Starmer and Narendra Modi also had an extremely productive meeting at the G-20 Summit in Brazil, in 2024, agreeing to take the relationship to new heights. From the U.K.'s perspective, the FTA is a timely opportunity to secure access to one of the world's fastest-growing digital economies, while reinforcing its global services and innovation footprint post-Brexit. For India, greater U.K. investment and collaboration in the GCC space aligns perfectly with its digital economy ambitions, skilling objectives, and goal of becoming a global hub for high-value services. The UKIBC has long championed the idea that the future of trade lies not just in goods but also in the services, skills and technology that power the new global economy. The GCCs stand at the intersection of all three. The FTA can pave the way for easier cross-border collaboration, robust intellectual property frameworks, and smart mobility solutions that allow talent to move where it is most needed. A well-crafted agreement can also address the practical challenges businesses face such as double taxation, data localisation mandates and misaligned standards, that often inhibit the scaling of GCCs. Addressing these through the FTA, or individually, will send a strong signal to investors and businesses in both nations. According to a white paper released by Deloitte India, the country is making strides in the global GCC game, as India-based GCCs have emerged as strategic hubs for multinational companies to manage complex global tax operations, including corporate tax, indirect tax, transfer pricing, and litigation, India's current policy environment is highly conducive for GCC growth, even without a dedicated national GCC policy at the moment. The Ministry of Electronics and Information Technology (MeitY) has formed an industry-led panel — including the National Association of Software and Services Companies (NASSCOM), Zinnov, KPMG, and Invest India — to design the national GCC framework outlined in Budget 2025. Its goal is to guide States in promoting GCCs, improving talent, infrastructure, innovation, and legal facilitation. State government policies Other than central government endeavours, we also see State governments rolling out landmark policies. Uttar Pradesh hosted its first 'GCC Conclave' under Invest UP, bringing together policymakers and industry heavyweights (Microsoft, TCS, HCL, Standard Chartered). The event showcased U.P.'s infrastructure, incentives, and intent to host GCCs beyond National Capital Region cities, in Lucknow, Varanasi, Kanpur and Prayagraj. In this context, the UKIBC recently held a closed-door consultation to bring together a distinguished group of leaders and experts to explore the expanding role of GCCs in driving innovation and economic growth in India. The group deliberated on a set of recommendations including global best practices from a governance perspective to help India achieve its economic ambitions set for GCCs. It also discussed these: whether there is a need for a dedicated national GCC policy now; whether organic growth from the past is best achieved in the absence of any such policies; or if having multiple State-level policies create unwanted competition instead of overall national progress. The need for honing talent diversity as well as skilfully managing the diversity of GCC's themselves, was also underscored. Some of the legal hurdles and the market outlook was touched upon, with some practical experiences of Indian and U.K. companies being shared. Additionally, the overall impact of India's economic diplomacy efforts through FTAs on the Indian GCC ecosystem was touched on. These included aspects of how the U.K.-India FTA can be leveraged to help Indian GCCs climb up the global value chain, with a focus on talent diversity in terms of professional mobility across the two countries. A knowledge corridor As the two governments fine-tune the final provisions, industry leaders must continue to voice the importance of services, digital trade and mobility — the lifelines of modern commerce. GCCs, in particular, stand to gain from — and contribute to — this evolving partnership, shaping a resilient, knowledge-based corridor between the U.K. and India. Kishore Jayaraman is OBE, India Chair, UK India Business Council (UKIBC)
India Gazette
11-07-2025
- Business
- India Gazette
UKIBC recommends ways and means for UK to deepen defence cooperation with India
New Delhi [India], July 11 (ANI): The UK India Business Council (UKIBC) has released a report, putting out a slew of recommendations to deepen bilateral defence cooperation between the UK and India. Through the report, UKIBC offered suggestions to the UK government to strengthen commercial ties and align strategic priorities with India, including strengthening G2G ties, strategic communication, and industry engagement. UKIBC is a policy advocacy and strategic consulting not-for-profit, with a mission to grow the UK-India trade and investment. UKIBC also suggested establishing a UK-India defence MSME hub. Further, it suggested that the UK foster co-development, co-production, and custom solutions, besides enhancing technology transfer, co-creating IP and defence R&D collaboration with India. The detailed report, derived from academic case studies, government reports, industry insights and expert interviews, aims to identify opportunity gaps that are hindering UK firms in India. To close this gap, the report provides recommendations for business, government and industry organisations to increase UK engagement in aerospace and defence in India. As India continues to prioritise self-reliance in defence through Make in India and Atmanirbhar Bharat initiatives, the report identifies concrete steps for the UK defence firms to become meaningful partners in India's defence modernisation agenda. It also provided insights into how the UK government policymaking can continue to unlock bilateral trade and innovation in this strategic sector. As part of its recommendations, UKIBC encouraged UK firms to be more adaptable to Indian defence procurement systems, while at the same time making recommendations to India's Minister of Defence for further refining the Defence Acquisition Procedure (DAP). It also suggested that the UK invest in India-based R&D and manufacturing, positioning itself for co-development and IP sharing, forming joint ventures with Indian enterprises, building local value chains, accessing procurement pipelines, and embedding India in UK and global supply chains. Further, it suggested that the UK's strengths in AI, cyber and aerospace tech can be leveraged, aligning with India's strategic needs. Kishore Jayaraman, OBE, India Chair, UK-India Business Council, said, 'India's ambition to become a leading defence manufacturing and innovation hub presents a timely and strategic opportunity for the UK. As trusted, like-minded partners with shared values and a strong history of cooperation, the UK and India are uniquely placed to co-create the next generation of defence and aerospace technologies.' 'Through this report, UKIBC aims to provide both strategic insight and practical guidance for UK firms seeking to navigate India's evolving defence ecosystem. The message is clear -- those who invest in long-term partnerships, local capability, and joint innovation will be best placed to succeed,' said Kishore Jayaraman. India is investing heavily in defence and aerospace manufacturing, with several defence hubs being set up. Notably, many global companies have either shared or shown intent to share critical defence and aerospace knowledge with India. With the government's thrust on the Make in India initiative, defence production has surged to historic highs. This rise in defence manufacturing has also led to substantial returns for investors in major defence manufacturing PSUs over the past years. A wide range of items, including ammunition, arms, subsystems/systems, and parts and components, were exported to around 80 countries in the just-concluded financial year, according to the Ministry of Defence data. The Indian government is now aiming for annual exports worth Rs 50,000 crore by 2029, thus strengthening its global footprint. In 2024-25, the defence exports were to the tune of Rs 23,622 crore. (ANI)
Time of India
11-07-2025
- Business
- Time of India
UKIBC recommends ways and means for UK to deepen defence cooperation with India
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The UK India Business Council (UKIBC) has released a report, putting out a slew of recommendations to deepen bilateral defence cooperation between the UK and India. Through the report, UKIBC offered suggestions to the UK government to strengthen commercial ties and align strategic priorities with India, including strengthening G2G ties, strategic communication, and industry is a policy advocacy and strategic consulting not-for-profit, with a mission to grow the UK-India trade and also suggested establishing a UK-India defence MSME it suggested that the UK foster co-development, co-production, and custom solutions, besides enhancing technology transfer, co-creating IP and defence R&D collaboration with detailed report, derived from academic case studies, government reports, industry insights and expert interviews, aims to identify opportunity gaps that are hindering UK firms in close this gap, the report provides recommendations for business, government and industry organisations to increase UK engagement in aerospace and defence in India continues to prioritise self-reliance in defence through Make in India and Atmanirbhar Bharat initiatives, the report identifies concrete steps for the UK defence firms to become meaningful partners in India's defence modernisation agenda It also provided insights into how the UK government policymaking can continue to unlock bilateral trade and innovation in this strategic part of its recommendations, UKIBC encouraged UK firms to be more adaptable to Indian defence procurement systems , while at the same time making recommendations to India's Minister of Defence for further refining the Defence Acquisition Procedure (DAP).It also suggested that the UK invest in India-based R&D and manufacturing, positioning itself for co-development and IP sharing, forming joint ventures with Indian enterprises, building local value chains, accessing procurement pipelines, and embedding India in UK and global supply it suggested that the UK's strengths in AI, cyber and aerospace tech can be leveraged, aligning with India's strategic Jayaraman, OBE, India Chair, UK-India Business Council, said, "India's ambition to become a leading defence manufacturing and innovation hub presents a timely and strategic opportunity for the UK. As trusted, like-minded partners with shared values and a strong history of cooperation, the UK and India are uniquely placed to co-create the next generation of defence and aerospace technologies.""Through this report, UKIBC aims to provide both strategic insight and practical guidance for UK firms seeking to navigate India's evolving defence ecosystem. The message is clear -- those who invest in long-term partnerships, local capability, and joint innovation will be best placed to succeed," said Kishore is investing heavily in defence and aerospace manufacturing, with several defence hubs being set up. Notably, many global companies have either shared or shown intent to share critical defence and aerospace knowledge with the government's thrust on the Make in India initiative , defence production has surged to historic highs. This rise in defence manufacturing has also led to substantial returns for investors in major defence manufacturing PSUs over the past years.A wide range of items, including ammunition, arms, subsystems/systems, and parts and components, were exported to around 80 countries in the just-concluded financial year, according to the Ministry of Defence Indian government is now aiming for annual exports worth Rs 50,000 crore by 2029, thus strengthening its global footprint. In 2024-25, the defence exports were to the tune of Rs 23,622 crore.
