Boris Johnson: 'No question' Indian skills can make a difference
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Following the PM’s visit to India last week, hopes have been raised of a possible free trade deal with the rapidly-growing economy by 2035.
The value of such a deal is currently estimated at £28billion – but industry expert Gauruv Singh predicts it to be much higher.
Mr Singh argued the massive growth experienced in India and its existing ties with the UK make it the perfect economic ally for Brexit Britain.
He told Express.co.uk: “How I look at trade is, I look at it more in terms of an investment on both sides of the corridor, because ultimately, it has to lead to a better economy and better jobs.
“India is currently marked as a 3 trillion dollar economy – but with the growth that it is experiencing, by 2040 that is going to see quantum leaps.
“You have to take into account that there are 1.4 billion people in India, and a huge proportion of them are under the age of 30. There’s huge potential there.”
More than 50 percent of India’s population is below 25, while over 65 percent are under 35.
According to statista, the country’s economy saw 9.5 percent GDP growth last year, and is projected to experience 8.52 percent this year.
Meanwhile, the EU is predicted to grow just 4 percent this year, while the UK is predicted to grow 3.8 percent.
Asked what is different about a trade deal with India than with the EU, Mr Singh said: “Every ecosystem has its benefits, but there are things which set India apart.
“There are two parts. One is that India is producing millionaires and billionaires at a faster rate than anywhere else in the world.”
India is currently home to 6,884 ultra-high-networth individuals and 113 billionaires, according to international property consultancy Knight Frank.
They predict the number of billionaires in India is expected to increase by 43 percent to 162 by 2025.
“The other is that India already has great ties with the UK. India is already the second largest investor in the UK after the US.”
He stated that as time goes on, the two countries working together would only exponentially improve their innovation and technology.
“British technology has very good regard in India.”
“As we grow, that investment will grow too.”
“Other partners might be going steady, growing a few percent a year – with India, it’s unrestrained growth.
“There’s trillions in untapped potential.”
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