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India to overtake UK as 3rd largest economy by end of decade: UK High CommissionerAchi News

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New Delhi: India will overtake the UK as the third largest economy by the end of the decade, so New Delhi and London must work together, British High Commissioner to India Alex Ellis said on Tuesday.

“For two economies of roughly the same size, India will overtake the UK as the third largest economy by the end of the decade, so the two need to work together,” Ellis said at the India-UK Business Outreach Trade and Investment Alliance programme. In New Delhi.

And he said, “Britain’s exit from the European Union is an opportunity to write our own rules, which can work well with India because of the political will… Prime Minister Modi and UK Prime Minister Liz Truss spoke just a week ago. Good conversation.”

Earlier, the UK High Commissioner told ANI that New Delhi and London are very ambitious to conclude a Free Trade Agreement (FTA) by Diwali this year, which will boost employment and bring economic growth to India over the next 25 years.

Asked about “Diwali Tamaka,” the UK High Commissioner nodded and said, “I hope so.” “I think we are very ambitious to complete the FTA by Diwali. FDA will create more jobs, more growth, more opportunities for India to grow and develop further,” he added.

According to an industry report released last month, bilateral trade between India and the UK is set to double by 2030 from current levels.

As India and the UK collaborate on economic growth against the backdrop of global disruptions, Grant Thornton has released the second edition of the India Britain Meets India (PMI) report 2022, in association with the Confederation of Indian Industry (CII), supported by the UK department. International Trade (TIT).

According to the report, 618 UK companies have been identified in India, employing approximately 4.66 lakh people and having a total turnover of Rs 3,634.9 billion.

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Of these 618 companies, 58 are featured in the report’s Growth Watch (companies with a turnover of more than Rs 500 million and year-on-year growth of 10 per cent) – these fastest-growing UK companies have achieved growth of 36.3 per cent on average. Fast-growing UK companies are up 10 per cent from 2021, when they achieved an average growth rate of 26 per cent.

UK High Commissioner to India Alex Ellis CMG, CII DG Chandrajit Banerjee, Grand Thornton Bharat CEO Vishesh C Chandiok and India-UK Corridor Chairman Pallavi Joshi Pakru released the statement. Delhi in the presence of more than 50 dignitaries, industry and government representatives from the UK and India.

Meanwhile, according to the Ministry of Trade and Industry, the two countries concluded the fifth round of negotiations for a Free Trade Agreement (FTA) last month.

The post India to overtake UK as 3rd largest economy by end of decade: UK High Commissioner appeared first on Indiaahead News.

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