“Economic Superpower In Making”: UK PM Lauds India’s Growth Story
Starmer said UK is one of only three countries in the world with a trillion-dollar tech sector and India is poised to be the fourth
Mumbai:
British Prime Minister Keir Starmer emphasized on Thursday that India is on track to become the world’s third-largest economy by 2028, positioning itself as a future economic superpower. He stated that the United Kingdom is “perfectly placed to be partners” with India on this transformative journey.
“The scale of India, the world’s largest democracy, and its rapid growth make it a natural economic powerhouse. India is on track to become the third-largest economy by 2028. The UK, with its strong tech and business infrastructure, is ideally positioned to partner with India in shaping the sectors of the future,” Starmer said.
He further highlighted that the UK is one of only three nations globally with a trillion-dollar tech sector, with India set to be the fourth. “Together, we are both AI superpowers, and we see this partnership as a way to accelerate innovation,” he added.
Starmer also outlined the significant economic achievements resulting from the UK-India trade relationship. “This trade agreement acts as a launchpad to boost British leadership in key areas such as technology, life sciences, and renewable energy,” he explained. “In the past week alone, we’ve secured new investments worth £1.3 billion and created over 10,600 jobs, including 1,500 jobs in the North West, 1,000 across the Midlands, and 700 in Northern Ireland.”
He also praised the scale of the business delegation accompanying him, which includes 126 CEOs, tech entrepreneurs, and other industry leaders. “We are opening up new opportunities in India for British businesses—opportunities that no other country has. This delegation represents the full potential of what our two countries can achieve together.”
Earlier, Starmer met with Indian Prime Minister Narendra Modi and participated in the India-UK CEOs Forum and the Global Fintech Fest. During his visit, he lauded India’s growth trajectory and Modi’s vision for the country’s future.
“I congratulate Prime Minister Modi on his leadership and vision for India to be the third-largest economy by 2028. Your vision for ‘Viksit Bharat,’ a fully developed India by 2047, is truly inspiring, and I have no doubt that India is on the right path,” Starmer remarked.
Additionally, Starmer expressed support for India’s bid for a permanent seat on the United Nations Security Council, emphasizing the growing importance of India’s global role. “We stand together in the Commonwealth, G20, and many other forums. We want to see India take its rightful place in the UN Security Council,” he said.
On the UK-India Comprehensive Economic and Trade Agreement (CETA), Starmer described it as the “most ambitious” trade deal India has ever signed. “This is a huge win for both nations. The discussions between Indian and British business leaders have been incredibly productive, and the collaboration is palpable,” he added.
Starmer emphasized that the UK-India partnership is a cornerstone of global stability and economic progress. “In an era of global uncertainty, our partnership serves as an important pillar of stability, particularly in the Indo-Pacific and West Asia, and on the ongoing conflict in Ukraine,” he said.
The UK-India Comprehensive Economic and Trade Agreement (CETA), signed in July this year, marks a historic milestone in bilateral ties. The deal ensures duty-free access for 99% of India’s exports to the UK, covering nearly all major trade sectors. This agreement is expected to create new opportunities for industries like textiles, marine products, leather, footwear, and gems and jewellery, while also benefiting fast-growing sectors such as engineering goods, auto components, and organic chemicals.
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