India-UK trade is expected to double by 2030 driven by the proposed free trade agreement (FTA), investment in technology, diversification of global supply chains and ease of doing business, according to the Britain Meets India Report 2022, which said India's trade in goods and services with the United Kingdom increased to $31.34 billion in 2022 from $19.51 billion in 2015.

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)

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