The British and Indian governments last week gave more details about the trade deal initially agreed back in the summer.
The deal is designed to increase bilateral business and foster closer ties between the two countries, and if you are investment planning in Cheshire, it may be of particular interest to you.
The Prime Minister, Sir Keir Starmer, and his counterpart, Narendra Modi, met in India last Thursday during an official British two-day visit to the country. The UK delegation included over 100 representatives from the business, culture and university sectors. The two leaders hailed the agreement to allow more market access by businesses in each respective country.
Looking at some of the specifics, it was announced that 64 Indian companies would invest £1.3 billion in the UK. The two sides agreed to create a connectivity and innovation centre, as well as a joint centre to harness AI. There will also be a critical minerals industry guild to provide support for supply chains. There will be additional boosts for green tech.
In higher education, two British universities have been given the green light to open new campuses in India. In defence too, Britain confirmed a £350 million order to supply the Indian military, with lightweight multi-role missiles made in the UK. The next phase will be to equip naval ships with electric-powered engines.
Under the terms of the free trade agreement, tariffs will be cut on consumer goods such as whisky, textiles and automotives. The two governments are hoping that the deal will increase trade by an additional £25.5 billion by 2040.
