UK companies invested so many crores in India during Covid-19
UK companies have invested heavily in India even during the Coronavirus pandemic due to amendments in labor laws by the Government of India, single window system for approving license applications and other incentives. This information has been given in a report released this week.
Invested 14 million pounds
The Confederation of Business Industry (CBI) and EY’s ‘Sterling Access’ report says that UK companies have invested £140 million in India from April to June despite the bottlenecks caused by Covid-19. According to the report, by March 2020, UK and India trade reached 24 billion pounds. It has increased about 12 percent in a year.
India is the second-largest investor in Britain
According to the report, India has invested in 120 projects in the UK and has created 5,429 new jobs. In this way, India is the largest foreign investor in Britain after America. CBI President of Indian Origin Lord Karan Bilimoria said, “The Indian government has made a lot of efforts to improve the business environment this year. Increased use of digital and online services in the supply chain and also implemented major labor reforms. ”
He said that Prime Minister Narendra Modi has expressed an ambition that India will play a big role in the global supply chain. Bilimoria said that to overcome this progress technical hurdles need to be removed. Also, there is a need to work fast on the proposal of the UK-India Free Trade Agreement.
