India will surpass UK to become the 3rd largest economy within 10 years: British envoy

UK High Commissioner Alex Ellis on Tuesday stated that by the end of the decade, India will exceed the United Kingdom to become the third-largest economy

The British High Commissioner to India, Alex Ellis on Tuesday stated that by the end of the decade, India will exceed the United Kingdom to become the third-largest economy. He further asserted that due to this New Delhi and London must cooperate together. Ellis made these statements during the India-UK business outreach trade and investment alliances program in New Delhi. According to an ANI report, he said, “For two economies roughly the same size, India will grow fast overtaking the UK to become the third largest economy by end of the decade, thus both need to work together”.

The UK High Commissioner even noted, “The UK has left European Union is an opportunity to write our own rules which can really work well with India as there is political will…” He also highlighted that over a week ago, Prime Minister Narendra Modi and newly-elected UK Prime Minister Liz Truss had talked and had a good conversation

India and UK hope to finish FTA by Diwali

Furthermore, previously in an interview with ANI, Alex Ellis said that the Free Trade Agreement (FTA), which would boost employment and provide economic development to India over the next 25 years, is something that New Delhi and London have a high aspiration of finishing by Diwali this year. Referring to the FTA, when asked whether it may be a “Diwali Dhamaka”, the High Commissioner agreed and added, “I hope so.”

Ellis also emphasised that he believes that their goal of finishing the FTA by Diwali is ambitious. The FTA will increase employment, growth, and possibilities for India to advance, he continued.

Besides this, Piyush Goyal, the Union Minister for Commerce and Industry, stated that Britain has signaled in a letter that they are prepared to stick to the Diwali deadline for the India-UK Free Trade Agreement. Goyal was quoted by ANI as noting, “Two days ago, I received a letter from the UK again reiterating that they want to stick to the Diwali deadline of the India-UK free trade agreement.”

According to an industry report which was released last month, growing economic ties between India and the UK, the diversification of global supply chains, and the general ease of doing business would all contribute to a doubling of bilateral commerce between the two nations from its current level by the year 2030.

The report also revealed that there are 618 UK firms in India that collectively employ 4.66 lakh people and generate total revenue of Rs 3,634.9 billion. The report also revealed that there are 618 UK firms in India that collectively employ 4.66 lakh people and generate total revenue of Rs 3,634.9 billion. These fast-growing UK firms achieved an average growth of 36.3%, which is a 10% increase from 2021 when fast-growing UK companies clocked an average growth rate of 26.3%. 58 of these 618 firms were included in the Growth Tracker of the report.

India will surpass UK to become the 3rd largest economy within 10 years: British envoy – UK High Commissioner Alex Ellis said