Mumbai (Maharashtra) [India], October 10 (ANI): British Prime Minister Keir Starmer said on Thursday that India is on track to becoming the third largest economy by 2028, an economic superpower in the making, and the United Kingdom is “perfectly placed to be partners” on that journey.
Starmer said UK is one of only three countries in the world with a trillion-dollar tech sector and India is poised to be the fourth
“Just look at the sheer scale of India, the world’s largest democracy, on track to become the third largest economy by 2028, an economic superpower in the making. We, the UK, are perfectly placed to be partners on that journey. We want to build the sectors and the skills of the future together,” he said.
“So this trade deal is a launch pad to boost British leadership in everything, from tech to life sciences to renewable energy and much more beyond that and we’ve seized these opportunities in full this week, delivering real results for the British people, securing new investments into the UK worth £1.3 billion and creating 10,600 jobs. It includes 1,500 jobs in the North West. Over 1,000 across the Midlands, 200 in Yorkshire and the Humber, and 700 in Northern Ireland,” he added.
Starmer referred to the scale and significance of business delegation accompanying him.
“We’re opening up new opportunities in India for British businesses. Opportunities that other countries simply do not have. It has given us a unique edge. I’ve come here this week, leading our biggest trade delegation to India ever, to follow through on this deal. That means 126 CEOs, tech entrepreneurs, SMEs, Vice Chancellors, Sports and cultural leaders all here with me to seize the incredible benefits that this deal offers to the British people,” he said.
“What we (India-UK) are doing together in tech is a great example. The UK is one of only three countries in the world with a trillion-dollar tech sector. India is poised to be the fourth. We’re both top four AI powers, and we’re taking this opportunity to go further,” he added.
Earlier in the day, the UK PM held meeting with Prime Minister Narendra Modi and the two leaders addressed the India-UK CEOs Forum and Global Fintech Fest.
In his remarks, the UK PM hailed India’s growth story.
“I want to congratulate the PM on his leadership, aiming to be the world’s third-largest economy by 2028. Your vision of Viksit Bharat is to make it a completely developed country by 2047. Everything I have seen since I have been here is absolute proof to me that you are on track to succeed in that. We want to be partners on that journey,” he said.
PM Starmer supported India getting a permanent seat in UN Security Council.
“We sit together in the Commonwealth, G20 and we want to see India taking its rightful place in the UN Security Council,” he said.
On the UK-India Trade Partnership, he said it is the most ambitious trade deal India has ever done.
” I want to thank Prime Minister Modi for this partnership. This is a huge win for both nations. The past two days of discussions between Indian and British business leaders have been incredibly productive, and there was a real buzz of collaboration and ideas,” he said.
“It was an honour to host PM Modi in the United Kingdom in July, and I am delighted to make a return visit to India just a few months later. It is significant that we are meeting in Mumbai, India’s economic and financial capital, because India’s growth story is remarkable,” he added.
PM Starmer described the recently signed UK-India Comprehensive Economic and Trade Agreement (CETA) as a breakthrough moment.
“We are building something here–a modern partnership focused on the future and availing new opportunities together. Beyond the words on the agreement’s pages lies the confidence and shared spirit that define our partnership.”
He said in the current era of global uncertainty, the partnership between India and the UK continues to serve as an important pillar of stability and economic progress.
“We exchanged views on peace and stability in the Indo-Pacific and West Asia, as well as the ongoing conflict in Ukraine. India supports all efforts to restore peace through dialogue and diplomacy,” the UK Prime Minister said.
India and the United Kingdom took a major step in building a stronger economic partnership with the signing of the Comprehensive Economic and Trade Agreement (CETA) in July this year.
CETA secures unprecedented duty-free access for 99% of India’s exports to the UK, covering nearly the entire trade basket. This is expected to open new opportunities for labour-intensive industries such as textiles, marine products, leather, footwear, sports goods, toys, and gems and jewellery, alongside fast-growing sectors like engineering goods, auto components, and organic chemicals. (ANI)
