More than any other country, UK businesses are taking the investment opportunities in India. The UK is the largest G20 investor in India, with around USD 24 billion invested in the country. At the same time, India is the fourth largest destination for investments from UK companies.
The 30-place jump made by India in the World Bank's Ease of Doing Business (EODB) rankings, from 130 to 100, is an encouraging step in the right direction for businesses in India. "We have seen an evolution in the government's efforts to rise even higher up the ranking," McCole said.
We are also looking for more labour reform as UK businesses make a huge contribution to the Indian growth story, employing over 780,000 Indians, which is 5.5 per cent of the country's organised private sector workforce, he added.
The UK and India's current business relationship is very strong but, there is an immense scope to enhance this relationship further. The UK business, largely remains positive about the Indian opportunity and welcome the reforms being introduced by the government, but certain intrinsic challenges remain.
These impact the investment decisions of UK businesses and not just those already in India, but others considering international investments and weighing the options to enter the Indian market, he added.
McCole said that the UK firms are hopeful that FDI restrictions needs to be removed from legal firms and architectural space. We hope that the Budget
will set the pace for a more competitive business environment in India, with further protection for foreign investors.
The UKIBC and the CBI have made a joint submission to the Finance Minister setting out what British investors would like to see in the Indian budget.
Finance Minister Arun Jaitley will present the Budget on February 1.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.