The UK India Business Council has released details of a survey which highlights that UK businesses believe that India’s business environment is improving and they see an opportunity for greater UK-India collaboration, which is something that is being echoed here in South Yorkshire.
The UKIBC’s ’Doing Business in India Report 2020’ is based on an in-depth survey of 106 UK organisations operating in India spanning manufacturing, services and higher education sectors.
66 per cent of businesses surveyed said that they believed it was becoming easier to do trade with India, thanks to progressive reforms and improvements in components of India’s business environment such as the availability of support and service providers, skilled labour, and supply chain.
UKIBC Chair, Richard Heald, OBE, said: “The positively-balanced findings of this report are tremendously encouraging. There is much still to do to remove the persistent barriers to doing business in India, particularly improvement to bureaucratic procedures and the application of the tax regime, which is a persistent concern for businesses in India. Yet, the optimism and commitment amongst UK businesses is telling of the strength of the UK-India relationship and scope for growth.”
The Sheffield City Region, which operates its India Growth Champions Scheme, in association with the UK India Business Council, has also seen strong demand recently from this region’s businesses for support and guidance with increasing exports to India. In total, there are 447 businesses in South Yorkshire that currently export to India.
Sir Nigel Knowles, International Advisor to the Mayor of the Sheffield City Region, said: “India offers huge potential in the digitisation of advanced manufacturing and shares many industrial synergies with our region. We are working closely with a number of businesses on our India Growth Champions Scheme, which is designed to help businesses to open up new opportunities in India. The Scheme is several months underway and already is showing huge potential for this region’s businesses to grow.”
Experts predict that India will be the third largest economy in the world by 2030. In 2015, the Sheffield City Region exported £81m worth of goods to India – making it the region’s 12th largest trading partner. In 2017, the Sheffield City Region introduced the strategy: ‘Make in India, Design and Develop with the Sheffield City Region’. Since then, the relationship between the Sheffield City Region and India has grown and developed and has been able to open up greater trading opportunities.
Trading with countries such as India is expected to help Sheffield City Region businesses to recover from the Coronavirus lockdown, with international trade expected to be a key factor in driving forward future growth and prosperity in the region.
To download the UKIBC’S 6TH ANNUAL DOING BUSINESS IN INDIA REPORT: THE UK PERSPECTIVE, click here.