Indian Economy News

UK PM Boris Johnson signals visa flexibility with India to win trade deal. Key highlights

  • IBEF
  • April 22, 2022

With significant trade links between India and the UK, British Prime Minister Mr. Boris Johnson said that he was willing to provide more visas to India in exchange for a free-trade agreement this year that could expand bilateral commerce by billions of pounds. Any commercial agreement will almost certainly be predicated on the relaxation of laws and reducing costs for Indian students and professionals visiting the nation.

The UK and Indian industries would spend more than £ 1 billion (US$ 1.3 billion) in new investments and export deals in areas ranging from software engineering to health, creating nearly 11,000 jobs throughout the UK. The £ 1 billion (US$ 1.3 billion) investment will include the establishment of a new Switch Mobility electric bus R&D centre in the UK, as well as the opening of their Asia Pacific headquarters in Chennai.

According to the high commission, new initiatives include Indian firm Bharat Forge and electric truck maker Tevva Motors expanding to a new site in the south-east and creating 500 new jobs, as well as Indian software company Mastek investing £ 79 million (US$ 103.05 million) in creating 1,600 jobs across the UK over the next three years. Business consultant FirstSource will open new offices in South Wales, the Midlands, and cities in the North-East and North-West, and Hertfordshire-based firm Smith & Nephew has agreed to a substantial export contract to offer robotic surgical devices in India.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.