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India will overtake the UK in 10 years to become the third largest economy

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India will overtake the UK in 10 years to become the third largest economy: According to Alex Ellis, the British High Commissioner to India, India will overtake the UK to become the third-largest economy by the decade’s end. He continued by saying that because of this, New Delhi and London must work together.

Ellis made these remarks in New Delhi at a session promoting trade and investment linkages between India and the UK.

He reportedly said that “for two economies approximately the same size. India would expand rapidly surpassing the UK to become the third biggest economy by the end of the decade. Hence both need to work together,” according to an ANI report.

Even so, the UK High Commissioner said, “Now that the UK has left the European Union. We have a chance to design our own regulations that may truly work well with India because there is political will.” He further emphasized that Prime Minister Narendra Modi and newly elected UK Prime Minister Liz Truss had an excellent chat more than a week before.

India and the UK want to complete the FTA before Diwali.

In an interview with ANI, Alex Ellis said that New Delhi and London have a high aim of concluding the Free Trade Agreement (FTA) by Diwali this year. The FTA will increase jobs and offer economic prosperity to India over the next 25 years.

The High Commissioner concurred and added, “I hope so,” when asked whether the FTA may be a “Diwali Dhamaka.”

Ellis emphasized that he thought it was ambitious for them to complete the FTA before Diwali. He said that the FTA would generate jobs, development, and opportunities for India to prosper.

Additionally, Britain has indicated in a letter that they are willing to uphold the Diwali deadline for the India-UK Free Trade Agreement. According to Union Minister for Commerce and Industry Piyush Goyal.

“Two days ago, I got a letter from the UK again, repeating that they want to stick to the Diwali deadline of the India-UK free trade deal,” Goyal cited by ANI.

An industry analysis published last month predicted that by 2030, bilateral trade between India and the UK will have doubled from its present level due to expanding economic linkages between the two countries, global supply chain diversification, and overall ease of doing business.

According to the research, 618 UK companies are operating in India that employ 4.66 lakh people and bring in a total of Rs 3,634.9 billion in revenue annually. According to the research, 618 UK companies are operating in India that employ 4.66 lakh people and bring in a total of Rs 3,634.9 billion in revenue annually.

These rapidly expanding UK businesses had an average growth of 36.3%. A 10% improvement over 2021, while growing UK businesses saw an average increase of 26.3%. In addition, 58 of these 618 businesses were profiled in the report’s Growth Tracker.

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