BREXIT - at last the cat is out of the bag after three and a half years of speculation. This will help UK businesses to develop their strategy for international markets.
More UK businesses are exploring different markets beyond the EU to export their products and services. India’s rapid economic growth, remarkable rise in ease of doing business, FDI friendly policies introduced by the Indian government and huge consumer base, is now attracting UK businesses towards the Indian market.
Towards the end of 2019, UKIBC carried out surveys asking UK companies whether the UK’s exit from the European Union would impact their business with India.
The results of the survey suggest that India’s business environment continues to improve. This is positive news for the Indian government and domestic businesses who have actively set out to improve the country’s business environment. For UK companies and higher education institutions this presents a welcome development expanding the scope for UK-India collaboration together with trade and investment.
One of the standout developments has been the continued fall in corruption as a barrier to business. Last year, only 17.5% of respondents cited corruption as a major barrier to doing business. Although still significant, this represents a huge fall since 2015, when 50% of respondents cited corruption as a major barrier.
The UK is well placed to collaborate and provide support to India across numerous sectors. From advanced manufacturing and healthcare, to gaming regulation and higher education, the UK’s technological proficiencies lead in all areas.
There are many opportunities for collaboration, from businesses and universities to research centres. If these opportunities are supported by continuous improvements in the ease of doing business, we should see greater cooperation between the UK and India in continued growth between the two nations.
Siddharth Mukne - Associate Director, UK India Business Council