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Source– The post is based on the article “The U.K.India relationship is alive with opportunity” published in “The Hindu” on 24th August 2023.
Syllabus: GS2- Bilateral groupings and agreements
Relevance: India and UK bilateral relationship
News– The article explains the status of trade, investment and cultural relationship between India and UK.
What is the status of the trade and investment relationship between India and the UK?
The United Kingdom and India have a robust trading partnership. The value of bilateral trade was £36 billion in 2022.
India was the second-largest contributor of investment projects in the UK during the previous fiscal year. These projects amounted to 118. It generated 8,384 new jobs throughout the U.K.
The UK is the sixth-largest investor in India. It has infused $34 billion into India through foreign direct investment between April 2000 and March 2023.
U.K. enterprises are also actively generating employment opportunities and fostering growth. Presently, there are 618 U.K. companies operating in India.
They collectively generated a turnover of approximately $50 billion and employed around 466,640 individuals directly in 2021.
Business relationships are growing stronger. Recently, Tata Group selected the U.K. as the location for its inaugural gigafactory outside of India.
Both countries are negotiating a free trade agreement.
What is the status of cultural relationship between the two countries?
As per Prime Minister Narendra Modi, a “living bridge” exists between our nations. It is exemplified by our shared affinity for Bollywood.
The U.K. holds one of the largest audiences for Bollywood outside of India. It has served as the backdrop for iconic films like Kabhi Khushi Kabhie Gham, which featured scenes shot at St. Paul’s Cathedral and Blenheim Palace.
There exists a vibrant Indian diaspora in the U.K. numbering over 1.6 million. Indian students represent one of the largest groups of international students in the U.K.
The UK has launched ‘Alive with Opportunity‘, a £1.5 million marketing campaign. This campaign has been crafted to spotlight the strong connection between our nations and cultivate the ongoing exchange of people, ideas, and culture.
