The government of India and the UK government have collaborated to channel potential-filled UK SME’s into the Indian market. This programme has been named the Access India Programme(AIP). Through this plan, the UK SME’s India company formation will come under the scanner of thorough analysis and diagnostics of the SME’s potential before allowing them access to the Indian market.
The SME’s so approved will be in contact with strong support networks of prime manufacturers, OEMs, trade bodies and chambers of commerce. In the last three years, India has received about US$175 billion, in Foreign direct investment. Speaking at the launch of AIP, the Indian High Commissioner to the UK, Mr. Y K Sinha, said: “We are launching the Access India Programme, a first of its kind in the UK, to facilitate investments by small and medium-scale enterprises in the UK into India.”
He went on to elaborate the role of UK SME’s in promoting the Make in India program and the ease of conducting business in India and encourage bilateral investments. The growth of UK SME’s has increased many folds according to the official figures of Department for Business, Energy & Industrial Strategy.
Through this program, UK enterprises will be able to access free legal opinion on taxation and accounting matters. This project is a two-way street where in the UK companies with operations in India can offer its mentoring services. The UK high commission is of the opinion that these SME’s have a bright capacity to survive and succeed in the Indian market.
At the same time, the importance of small and medium enterprises in the UK has never been more important, the record figure of private businesses with the inclusion of SME’s has been 5.5 million of which 99.9% is SME’s.
Richard Herald, the chief executive of the India Business Council, has remarked that the launch of this initiative will strengthen the economic ties between India and the United Kingdom. He went to elaborate that this program will help UK SME set up in India the necessary platform to succeed.