The International Trade Council is delighted to acknowledge the recent signing of multiple business contracts between the United Kingdom and India. These agreements, which are worth over nine billion pounds (€12.7 billion), were reached during Indian Prime Minister Narendra Modi's official visit to the UK.
These significant partnerships underscore the strengthening ties between the UK and India, as fostered by UK's Prime Minister David Cameron, even as India continues to diversify its international relationships.
Of the various agreements made, the most notable include a civil nuclear pact, and cooperative ventures in the fields of defence and cyber security. Furthering their mutual interests, the countries also initiated a rupee bond for Indian railways, a strategic move to support India's infrastructure development efforts.
Among the plethora of deals, a substantial investment of 1.3 billion pounds (€1.8 billion) by Vodafone into the Indian market stands out. In return, Indian businesses in the UK continue to make significant contributions to the local economy, employing around 110,000 people, with the Tata group alone providing employment to 65,000 individuals.
Prime Minister Modi's visit has, however, not been without controversy, as it has seen protests concerning India's human rights record and Modi's own political stances. The recent immigration restrictions placed on Indian students have also drawn criticism.
The International Trade Council affirms its commitment to promoting sustainable, inclusive, and mutually beneficial trade relationships worldwide and will continue to monitor and support the ongoing developments between the UK and India.