A budding young British politician reviews the role to be played by the next generation of UK-India champions. Indians in the UK account for 2.3 per cent of the population and make up the single-largest visible ethnic minority population in the country. The British Indian community is the sixth-largest within the wider Indian Diaspora. Over 10,000 Indians start university education in the UK every year, many of whom then return to India, including such luminaries as Mahatma Gandhi, Manmohan Singh and Anil Ambani. Data from 2015 shows that a third of work visas in the UK were granted to Indian applicants. As India continues to grow under Prime Minister Modi's leadership, and as the UK looks outward after Brexit, there is a benefit to both nations for the relationship between India and the Indian diaspora to be strengthened. The fact that the British Prime Minister, Theresa May, made India her first destination for a non-European bilateral visit shows just how important the relationship with India is to her government. The governments of the UK and India, along with businesses and organisations in both countries, can play a significant role in not only increasing cross-country trade but also in strengthening the relationship between our two countries. It is particularly important to include the younger generation as we should be working to develop long-lasting relationships and cement trading relationships for future generations. The UK is already the largest source of FDI in India amongst the G20, investing over £19 billion in India since 2000. India is now the third-largest investor in the UK economy, investing more in the UK than into the rest of the EU combined and making up a massive 31 per cent of investments in the technology and telecom sector. According to reports, over 800 companies operate in the UK, supporting 110,000 jobs. Incredibly, the fastest growing of these companies have a combined turnover of £26 billion and includes sectors such as technology and telecoms, pharmaceuticals and financial services.
Whilst this is impressive, in 2015-16, the UK was only India's 12th largest trading partner, with India doing more trade with Japan, Germany and Indonesia. We in the UK import 10 times more services from the US than we do from India, and in return, our service exports to India only account for 7 per cent of our service exports to Asia. If we strengthen and leverage our relationships, and work to support businesses in both countries to increase trade, jobs will be generated, skills developed and further trading opportunities could be created. Brexit presents a challenging but exciting opportunity for the UK and India to negotiate a fresh trade agreement and for British and Indian businesses to work more closely together and develop stronger trading relationships. Given that the EU and India have been negotiating a trade agreement for nine years, we might fare better at a bilateral level. There are also significant opportunities for the UK Government and businesses to support India as it continues its digital revolution and develops its technology sector. Prime Minister Modi has listed Digital India as among his top priorities and India's technology sector is predicted to triple in the next 10 years. UK businesses should be working hard to establish themselves as advisers, providers and partners in this space, particularly in areas where British firms are considered to be world leaders such as FinTech, cyber security and research & development. The UK and Indian governments have made significant investments into strengthening the ties between our two nations in all sectors. Some of these developments include: - Both governments have invested £120 million each into a UK-India sub fund of India's National Investment and Infrastructures Fund to encourage more investment from the City of London into India's energy and renewables market. The fund aims to raise £500 million for vital Indian infrastructure projects. - Prime Minister May announced that the UK will be investing over £160 million across 75 start-ups in India, creating jobs and delivering critical services across several states in India. She also announced an additional £20 million for a Start-Up India Venture Capital Fund which will support 30 enterprises and leverage an additional £40 million of capital from other investors. - Arts Council England has invested over £2.5 million into collaborations between artists in India and England. Bodies in Wales and Scotland have also created a range of grant schemes to generate opportunities for young artists in India and the respective countries. - The UK and India are developing a regulatory cooperation agreement to make it easier to share innovations and trends as well as to make Fintech investments in both countries easier. - Through the Government's Chevening scheme (international awards scheme aimed at developing global leaders), 8 top financial services leaders of the future will attend an 8 week course in London each year. These are great steps towards increasing trade and building relationships between the UK and India, but governments and businesses could be doing even more to help develop relationships, especially supporting the young diaspora in the UK to play a role in shaping future trading partnerships between the two countries. The British Council published a survey that indicates young Indians are attracted to the UK, especially its culture. Young, middle-class Indians ranked the UK as the second most attractive economy (out of the world's biggest 15 economies) and we should be working to strengthen this positive view of the UK.