UK-India Business Council welcomes Interim Budget 2024-25
Feb 01, 2024
New Delhi [India], February 1 : The UK-India Business Council has welcomed India's interim budget 2024-25 and its focus on stability for the coming months.
Following the budget session today, Richard McCallum, Group CEO, UKIBC said, "UK industry keen to be reliable partner for India now and into the future," according to an official press release.
"The UK India Business Council welcomes Finance Minister Nirmala Sitharaman's presentation of India's Interim Budget 2024-25 and its focus on stability for the coming months," the release read.
India has shown transformational change over the last decade - as the Minister's speech highlighted - whether it is poverty alleviation, gender equity, leveraging digital technology for inclusivity, building world-class infrastructure, and many other areas.
India's story on women's participation in the STEM industry is a success at a global level.
"The UPI and digital infrastructure case study will benefit hundreds of millions across other countries as well. The continued emphasis on a people-centric, trust-based governance model will continue to be an essential driver for economic growth," the UKIBC release noted.
The Minister spoke about multiple priority sectors. We're particularly excited about the possibilities of partnerships between the UK and India.
The release also underlined that the UK companies are playing a leading role for instance, in GIFT City on financial services. There's substantial collaboration on electric vehicles, where there is a strong cross-border R&D for design, manufacturing and battery capabilities.
"Technological innovations have been the cornerstone of India's transformation in recent years and the landmark UK-India R&D agreement provides an excellent platform for collaboration across business, academia, research and government," the release read.
British Industry understands and supports Atmanirbhar Bharat. It also appreciates India's need for greater self-reliance, supply chain stability, and access to critical technology. And British industry is eager to invest even more in India.
"We collectively recognise that the future lies in partnership: co-creation, co-development, and making in India, for the world. UK industry wants to continue be a reliable partner to India and Indian industry now and into the future," the release added.
