British Chancellor George Osborne and Foreign Secretary William Hague have just drawn to a close a two day trip to India aimed at strengthening relations and economic prospects for both nations.
India is rapidly emerging as a future economic superpower and is the third largest economy in Asia whilst Britain is the sixth in the world. With Osborne and Hague trying to encourage more investment opportunities for British corporations in the burgeoning areas of Indian infrastructure and defence, they will also be looking to encourage Indian investment in Great Britain.
Several deals have already been declared with several Indian companies investing in the British pharmaceuticals sector and others in manufacturing and technology. Mr Osborne also announced a £250m contract to supply the Indian Air force with British defence equipment.
Indian Finance Minister Arun Jaitley yesterday unveiled a budget that would lift restrictions imposed on foreign investment in the country and is widely seen as a pro business budget aimed largely at achieving growth. Reports suggest that GDP growth for India is going to rise between 5.4% and 5.9% and Mr Jaitley has said that the Indian economy will grow by 7% or 8% within three to four years. British exports to India have increased by 50% since 2010 and this latest move is an attempt to continue this trend.
With both countries looking to capitalise on mutually beneficial trade deals now could be the opportune moment to consider investing and/or incorporating in either one as both push policies aimed at growth and job creation which has seen concerted efforts at encouraging investment into the respective states.
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