India’s plans to open up its defence and insurance markets and roll out GST are “highly desirable” and will boost bilateral trade between the UK and India, according to the British government.
“India’s plans to open up its defense and insurance markets and the goods and services tax (GST) to create a single market are highly desirable and will indeed serve to create wealth and jobs and increase the quantum of British Indian trade,” British Government’s Minister of State for Trade and
Investment Lord Francis Maude of Horsham said at a conference to announce the opening of the India-UK Business Convention here.
“The British government very strongly supports… it is committed to strengthening and deepening the relationship between Britain and India. We see this not as a typical relationship, but as a genuine partnership,” he said.
The Sterling Assets India report was also unveiled at the conference.
“A total of around 1.96 million jobs are estimated to have been created by foreign investment, and of these, 7 per cent are supported by British investments,” it said.
“British companies generated 1,37,000 jobs. It represents nearly 7 per cent of 1.96 million jobs generated by FDI in India.”
Over 600 delegates, international business leaders, and senior ministers from the UK and India are participating in the largest-ever India-UK Business convention being held here between September 10-12