New Delhi [India], January 29 : As the Union Budget 2025 is around the corner, UK India Business Council (UKIBC) outlined key expectations from the Budget based on industry feedback and emphasized the need for a manufacturing strategy that ensures a level playing field, allowing international companies to fully capitalize on Foreign Direct Investment (FDI) liberalization.
Additionally, UKIBC advocated for a stronger research and innovation framework, particularly leveraging digital solutions for simulated learning in healthcare.
Richard McCallum, CEO, UKIBC said, "Based on industry member feedback, we hope the Budget sets out a vision for manufacturing that is based on a level-playing field, allowing international companies to access the full benefits of FDI liberalisation, and for a research and innovation landscape which leverages digital solutions for simulated learning, for instance in healthcare."
On the policy front, UKIBC called for a streamlined tax administration to ease the compliance burden on businesses. It also underscored the importance of incentives and regulatory measures that promote the adoption of clean energy and infrastructure across India.
McCallum added, "We also look forward to further a streamlined tax administration that reduces the compliance burden, as well as policies and incentives that facilitate increased adoption of clean energy/infrastructure pan-India."
UKIBC highlighted India's resilience as one of the fastest-growing economies, attributing its strength to strong domestic demand and a stable political environment. These factors, he noted, play a crucial role in shaping investment decisions for UKIBC member firms.
Looking ahead to Finance Minister Nirmala Sitharaman's upcoming Union Budget, the council stressed the importance of India's continued economic growth trajectory and effective inflation management.
"We look forward to Finance Minister Nirmala Sitharaman's Budget announcement showcasing the Indian government's plan for continued economic growth and continued delivery of India's ambitious economic objectives and inflation management. We commend the all-stakeholder approach," he said.
As India marches towards its goal of becoming a developed nation by 2047, the council emphasised the growing momentum in UK-India economic relations.
Expressing optimism about the forthcoming resumption of the UK-India Free Trade Agreement (FTA) negotiations, reinforcing the excitement and opportunities within the bilateral trade landscape, the council mentioned, "India is powering towards Viksit Bharat by 2047 and the UK-India FTA negotiations are expected to restart soon - there's a huge amount of momentum and excitement in the growing UK- India partnership."
Speaking on the robust presence of British enterprises in India, McCallum stated, "Currently, 667 British companies in India generate Rs 5,082 crore (GBP 47.5 billion) in turnover and employ over 500,000 people. India is among fastest growing economies and has remained resilient given strong domestic demand and its stable political environment. Our member firms highlight these as key factors when considering investment plans. "
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