UK firms on expansion mode in India: Survey

A new UK India Business Council (UKIBC) report, based on a survey of businesses with a combined turnover of $122 billion, found only 25 per cent of UK businesses saw corruption as a major barrier in 2018, as opposed to 51 per cent in 2015. The drive to digitalise government interactions was cited as a major factor behind this marked decline. Another key finding of the report was that 46 per cent of UK businesses responding to the survey had plans to expand their investments in India in the next 12 months. And, 25 per cent intend to direct this new investment eastwards - seeking new opportunities in states such as West Bengal, Assam, Meghalaya, and Manipur. The roll-out of Goods and Services Tax (GST) was also cited as a contributor to the improved operating environment in the country, with those optimistic about the reform doubling on 2017. “This report not only highlights the state of the UK-India trade and investment relationship, it also underscores the positive steps being taken to make India a valued partner and destination of UK businesses,” said UKIBC chief Richard Heald.