There are many areas where the United Kingdom and India have complementary collaboration. Discuss (200 Words)
Refer - Financial Express
Enrich the answer from other sources, if the question demands.
IAS Parliament 3 years
KEY POINTS
· India is the second largest investor into the UK, behind only the US. At the same time, the UK has been the second fastest growing G20 investor into India in the last decade.
· Trade between the two countries rose by nearly 10% (to £24 billion) in 2019—much faster than the growth in global trade. Indeed, the Indian government understands the importance of global economic inter-linkages.
· Ambitious reforms and a new approach were probably needed even before the pandemic, with the UK forging an independent trade policy after leaving the EU and the Indian economy facing challenges of its own.
· The pandemic, though, has added not just urgency, but also new and additional dimensions to the UK-India partnership. No wonder, taking on the role as the group CEO of the UKIBC at this time is particularly challenging and exciting.
· For example, the accelerated use of digital technology and the need to expand healthcare provision are two of the more obvious trends that will shape the future relationship. There are others and it was music to my ears that—when underlining the importance of global cooperation.
· These are all areas that are ripe for India-UK collaboration in creating atmanirbhar Bharat, underpinned by both the countries’ strong track record in technology and innovation.
· With India fronting the International Solar Alliance and the UK hosting the UN climate conference in November 2021, both are taking leading roles and can support each other’s domestic energy and climate goals.
· The UK and India must also look at opportunities emanating from the business sentiments worldwide to explore manufacturing supply chain possibilities as alternatives to China. And lastly, in defence, there are strong UK-India partnerships already in place and there is appetite in both the countries for more.
· The journey will start by focusing on incremental market access reforms that grow trade, investment and prosperity. This blend of pragmatism and vision is just what businesses want, and there is a great deal of enthusiasm to build on this announcement before ministers meet in autumn for the next round of JETCO discussions.
