2 May 2018

Update

CBI India Update April 2018

Read all about the Indian Prime Minister Mr. Narendra Modi’s visit to the UK in this month’s India Update.

CBI India Update April 2018

Dear member,

Apologies for the delay in sending out this update. We were waiting to complete a comprehensive report on the visit of Indian Prime Minister Mr Narendra Modi to the UK. See a summary of the visit

Mr Modi had a packed schedule in the UK (18-20 April 2018).

The first day included a bilateral meeting with British Prime Minister Rt Hon Theresa May at 10 Downing Street; a private audience with Queen Elizabeth II at the Buckingham Palace; meeting members of the UK India CEO Forum of which CBI Director-General Carolyn Fairbairn is a member; launching a new Ayurvedic Centre of Excellence at an event hosted by Prince Charles and welcoming the UK into the International Solar Alliance as its newest member.

He met Indian-origin scientists during his visit to the famed Francis Crick’s Institute, which was the venue for the CEO Forum. He then addressed the Indian diaspora at an event 'Bharat Ki Baat, Sabke Saath' at the iconic Central Hall Westminster in London.

He ended the first day joining Heads of Government from 52 other Commonwealth countries at a dinner hosted by the British prime minister as a formal welcome to Commonwealth Summit.

The next two days covered the executive session of the Commonwealth heads of states in London and Windsor for the Commonwealth retreat, to interact informally with other Commonwealth leaders.

The CBI headquarters last month published the ‘Smooth operations’ report – significant piece of work which was prepared over six months after talking to hundreds of UK businesses and dozens of trade organisations and provides an A to Z of the rules that will matter after the transition period.

I was in the UK between 17 and 25 April and undertook a regional visit to Yorkshire and the Humber.

I delivered the keynote address at a CBI Insight Seminar on Future of UK India Trade organised jointly by the CBI, the University of Bradford and the Yorkshire Asian Business Association (YABA). 

Here are some highlights of the past month:

India top recipient of Commonwealth FDI
Between 2005 and 2016, India remained the top recipient of greenfield FDI from the Commonwealth, more than doubling the amount it received over 10 years, says the Commonwealth Trade Review 2018: Strengthening the Commonwealth Advantage’, released in the lead up to the CHOGM.

India is the top recipient of foreign direct investment (FDI) from within the Commonwealth and is the second-most lucrative source of investment within the 53-member organisation after the UK, according to a new trade review. Read more.

SBI launches UK subsidiary with £225 million capital
India’s largest state-owned bank SBI launched its UK subsidiary, SBI (UK) Limited, with an initial capital commitment of £ 225 million from its parent entity.

It is the first foreign bank in the UK to ringfence its retail division from its wholesale business. Read more Read more.

India’s young population vital for IR 4.0
The World Economic Forum has recently partnered with the Indian government to set up the Centre for the Fourth Industrial Revolution India in Mumbai. Read more.

NITI Aayog to craft development agenda for 'New India 2022'The NITI Aayog will soon come out with a development agenda for 'New India 2022', which will spell out strategy for expediting economic growth. Read more.

MEMBER NEWSMAKERS

ADS hosts a contingent of 10 UK defence companies at Defexpo

Read a wrap up of UK companies’ participation at Defexpo earlier last month.

Marks & Spencer steps up for retail expansion in India
Marks and Spencer, famous for offering high-quality fashion, award-winning food and stylish homeware, is now eyeing to tap markets in Tier I and II cities of India namely Jaipur, Raipur, Lucknow to name a few. Aurangabad and Bhubaneswar are also preparing to host Marks & Spencer stores soon.

BP sees 5-10% of global earnings from India; bets big on natural gas output
London-based BP's total earnings for 2017 were $6.2 billion, more than double that of a year ago. Read more here. Read more.

ON THE RADAR

India meets Britain Tracker 2018
The Confederation of Indian Industry in partnership with Grant Thornton have just launched the ‘India meets Britain Tracker 2018’. Read the report.