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UK firms to actively help Modi’s ‘Make in India’: UK trade minister

Expressing hope that two-way trade and investments between India and UK will increase under the new government, visiting British Minister for trade and investment Lord Livingston today said the Modi government’s stand on restrospective taxation and the new GST regime will help eradicate barriers. 

Livingston, who was accompanied by the Maharashtra industries minister Subhash Desai, was speaking to Business Standard after Maharashtra Industrial Development Corporation and UK India Business Council signed a memorandum of understanding that is expected to ease the investment process for foreign businesses.

“There is a realisation that retrospective legislation is not going to encourage confidence,” he said, adding that positive steps have been taken by the Modi adminsitration including the introduction of GST and raising the limits for foreign investments.

“I should say UK is the largest G20 investor in India and a long time investor. More than 700 UK companies are already in India. UK companies will be actively associated with Modi’s ‘Make In India’ project,” the British minister said. 

He said that UK-based companies will invest in whole range of industries including gas and petroleum, information technology, telecom, banking and finance, manufacturing and couple of other sectors. UK companies have already pledged investment in development of a power project in India during the Vibrant Gujarat summit, Livingston added.

On signing of the free trade agreement between India and the European Union, Livingston said UK is quite supportive of it and hopes the talks will restart soon.

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