26 May, 2024

CBI praises UK/India business ties as Narendra Modi visits

01 December, 2015

The CBI reports that it is keen for India’s Prime Minister, Narendra Modi, to continue efforts to improve the climate for international investors, and for EU-India Free Trade Agreement talks to resume in the wake of his first visit to the UK since becoming PM.

The UK is the single largest G20 investor into India, and, according to a recent CBI/PwC report, the UK invested $22.2 billion into India between 2000 and 2015 – 9 per cent of all foreign direct investment (FDI) in the country. The CBI believes the UK service sector, and insurance companies in particular, will be keen to make its voice heard during Narendra Modi’s visit.

Prosperity creation

Simon Moore, CBI international director, said: “The Indian Prime Minister’s business-friendly approach has won many plaudits among industry leaders here, and we look forward to building on our already solid historic trade links to create prosperity in both countries.

“Indian investment in the UK is strategically important for our manufacturing, services and IT sectors. Building further trade links with key markets is mission critical to boosting growth, creating jobs and enhancing productivity across the UK. The UK continues to play a substantial role in the Indian growth story and there’s huge potential for sectors like insurance to blossom in future.”

The CBI/PwC Sterling Assets India report, supported by the UK India Business Council, also identified that the UK is responsible for 1 in 20 private jobs in India.

Fastest growing economy

And the CBI’s latest quarterly economic forecast, released on Monday, predicted that India will be the fastest growing economy among the G20 by 2017 (7.6 per cent).

UK firms spend around 4.4 per cent on corporate social responsibility programmes, more than double the 2 per cent required by the Indian government in the Companies Act of 2013.

Beyond financial investment, British businesses are actively engaged in educating underprivileged children, ensuring they receive skills training, boosting sustainable development and nurturing entrepreneurial businesses.

The CBI held its inaugural Indian Banquet dinner at Mansion House earlier this year, which was attended by UK Employment Minister Priti Patel MP and dozens of senior business leaders.

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