Indian Foreign Secretary, Harsh Vardhan Pingla claimed that India is offering numerous business opportunities for British Companies in the post Covid period.
Indian Foreign Secretary, in his inaugural address at Confederation of Indian Industry’s 125th Annual Conference in the UK, ” A New India-UK Economic Partnership in a New World: Lives, Livelihood, and Growth” affirmed over a virtual platform on 15th of September, 2020.
Mr. Harsh Vardhan highlighted that many reforms have been initiated in India during the post Covid period and in the areas of Infrastructure, Taxation, Aadhar, Mobile connectivity, Agriculture, and JAM Trinity. The policy and structural reforms so undertaken have made India one of the most preferred foreign investment destinations attracting new companies to India.
As per the Indian Foreign Secretary, even during the Covid pandemic, India has received $20 billion foreign direct investment amidst the slowing global economy. He invited UK business houses to take advantage of the recent reforms and set up businesses in India. With reforms in place, India company formation has become an incredibly fast and easy process.
In the inaugural session, the foreign secretary described the Covid outbreak as a distinct opportunity to transform India into a manufacturing base from a passive market in the past. As per him, there are opportunities in pharmaceuticals, vaccines, services, and manufacturing where India and the UK can work together. He highlighted India and the UK’s economic synergy and claimed that products designed in the UK can be profitably manufactured in India.
Indian high commissioner to the UK, Gaitri Issar Kumar, stressed that India and UK have a long and proven trade and investment eco- system, and sought UK India partnership when global supply and value chains are in total disarray. She addressed the participants saying the UK has always been a ready partner of India and mutually cooperated in many areas, especially in generic pharma, API and medical instruments manufacturing, and building health infrastructures. She also emphasized that India and the UK can work together in other areas, including financial technology, renewable energy, defense, and electronics manufacturing, and information technology.
President of Confederation of Indian Industry (CII), Uday Kotak, discussed India’s foreign direct investment and said India is the second-largest FDI contributor to the UK. He also informed that the UK is the 6th largest FDI contributor for India. Mr. Kotak also reiterated the need for the hour through a focus on managing growth, lives, and livelihoods while considering the challenges associated with life after a pandemic.
Chandrajit Banerjee, Director General of CII, highlighted that Brexit is around the corner, and there is an immediate need to discuss the business partnership between India and the UK. He emphasized on free trade and comprehensive economic agreements. The Director-General also mentioned a trade war and growing tensions between America and China, and its deadly impact on global supply chain necessitates strong business ties with the UK for mutual growth and economic recovery and development.