PM Modi at India-UK CEO forum said the India-UK FTA will boost MSMEs, create employment for youth and added that nine UK universities will soon open campuses in India.
Prime Minister Narendra Modi on Thursday addressed the India-UK CEO Forum alongside his UK counterpart Keir Starmer in Mumbai and said he is confident that both the countries will be able to double India-UK trade before 2030 from $56 billion currently.
India-UK FTA will boost MSMEs: PM Modi
He said the India-UK FTA will boost MSMEs, create employment for youth and added that nine UK universities will soon open campuses in India.
“Today, our bilateral trade is approximately $56 billion. We have set a target of doubling it by 2030. I am confident that we can achieve this target ahead of time,” PM Modi said.
Addressing the focrum, he said, “We must move forward in a structured manner in strategic sectors such as critical minerals, rare earths, and APIs. This will also give our relations a futuristic direction.”
PM Modi says there is policy stability in India
He went on to say that in India today, there is policy stability, predictable regulations, and large-scale demand. “Unprecedented opportunities exist in every sector, including infrastructure, pharmaceuticals, energy, and finance. It is also heartening that nine UK universities are opening campuses in India. In the future, the partnership between academia and industry will become the biggest driving force of our innovation economy. Today, countless new possibilities for collaboration are emerging between us in areas such as telecom, AI, biotech, quantum, semiconductors, cyber, and space. We are also moving towards co-design and co-production in defence. Now is the time to accelerate our efforts to transform all these possibilities into concrete collaborations,” he said.
At the India-UK CEO Forum, PM Narendra Modi said, “To ensure that this Comprehensive Economic and Trade Agreement (CETA) reaches its full potential, I would like to present four new dimensions to this CETA. These new dimensions of my CETA will perhaps broaden it considerably. ‘C’ stands for Commerce and Economy. ‘E’ stands for Education and People-to-People Relations. ‘T’ stands for Technology and Innovation. ‘A’ stands for Aspiration.”
PM Modi highlights India’s potential in fintech sector
Talking about India’s potential in the fintech sector, PM Modi said, today, nearly 50 per cent of the world’s real-time digital transactions are taking place in India. “The UK’s experience in financial services and India’s DPI together can benefit all humanity. To elevate our relationship to new heights, Prime Minister Starmer and I announced Vision 2035. This is a blueprint for our shared ambitions. In an open democratic society like India and the UK, there is no area in which we cannot expand cooperation. The combination of India’s talent and scale and the UK’s R&D and expertise has the potential to achieve major results. Your cooperation and support is crucial to achieving these aspirations and ambitions in a targeted and time-bound manner.” he said.
