UK announces 17 deals to boost India economic ties

The UK on Wednesday announced 17 new export and investment deals during the visit of business and trade secretary Jonathan Reynolds and investment minister Poppy Gustafsson to India this week.

The agreements plan to bolster bilateral trade ties between the two countries, particularly in the technology and life sciences sectors.

India’s announcement of investments–£100 million (nearly $127 million)–in the UK are estimated to generate hundreds of new jobs artificial intelligence (AI), professional services, and textile sectors over the next three years, the UK government said in a press release.

Thank you @PiyushGoyal for your incredible hospitality in New Delhi to relaunch the UK-India trade deal negotiations, and create new opportunities for businesses.

Together we will deliver a deal that boosts growth and living standards in both our countries 🇬🇧🤝🇮🇳 pic.twitter.com/4ZQ3RVP7ZZ

— Jonathan Reynolds (@jreynoldsMP) February 26, 2025

The UK has remained a prime destination for Indian businesses, with India ranking as the second-largest investor in terms of project numbers in the UK for five consecutive years, it added.

“Tech and life sciences are two huge growth sectors for the UK economy. I’m proud that government support has helped some of our finest businesses in these sectors to expand into the exciting Indian market. It’s great to see them going for growth, and their successes will amount to tens of millions of pounds for the UK economy,” Reynolds said.

India’s latest Union Budget has opened new doors for British insurance companies, the UK government said in a press release.

The Indian government has increased the foreign direct investment (FDI) limit in the insurance sector from 74% to 100%. This change is expected to attract UK-based insurers to grow their business in India, the UK government added.

Wonderful to address the India-UK Joint Ministerial Reception alongside UK Secretary of State for Business and Trade @JReynoldsMP, in the esteemed gathering of business & industry leaders and key stakeholders.

With a shared commitment to strengthening economic ties, both nations… pic.twitter.com/7CODlKsV0i

— Piyush Goyal (@PiyushGoyal) February 24, 2025

“The new Indian investment proves that the government’s Plan for Change is giving Indian businesses the confidence they need to continue investing in Britain. Now the UK will strive to be more ambitious and collaborative than ever before as we show the world why the UK is the best place to invest,” Gustafsson said.

Reynolds and Gustafsson’s visit also restarted talks for a UK-India free trade agreement (FTA). Both countries hope this will create jobs and boost economic growth. The UK team visited New Delhi, Mumbai, and Bengaluru during its India tour.