Massive scope for India-UK bilateral trade ties: Experts

Prime Minister Narendra Modi is currently in the United Kingdom holding bilateral talks with his UK counterpart David Cameron. In a 20-minute address to UK's top industry leaders at London's Guildhall, Modi made a big push for investment. The two countries announced partnerships worth 9 billion pounds, apart from a civil nuclear deal too. According to a report released earlier this year from UK's government department India is now the third-largest source of foreign direct investment (FDI) into the country and in 2014 alone, investment from India into the UK increased by 64 percent, and is now almost at par with France, the UK's second-largest investor after the US.India Inc stalwarts believe there is a lot for both the countries to be gained from each other. Anil Agarwal, chairman, Vedanta says both the countries have a huge scope of collaborations and can partner in healthcare, defence, manufacturing & liberal arts. Agarwal believes the UK can also teach India to develop better healthcare system, that is direly needed in India. Not just healthcare, but even India's solar and wind sectors need huge investments, says Naina Lal Kidwai, country head, HSBC India. She believes India needs every piece of engagement with US in terms of flow of funds, adding that India can utilise the understanding of technology that London can provide. On similar green energy lines, YES Bank signed an agreement with the London Stock Exchange to develop collaboration around bond and equity issuance, with a particular focus on green infrastructure. Bank CEO, Rana Kapoor says India needs to get rupee-dominated bonds listed, adding that the real game is to get more investments as India needs the technology and a lot of FDI investments. Experts believe the positivity of these bilateral talks is commendable. Analjit Singh, non-executive chairman, Max India says the tone of top political leadership has never been so vibrant. Vindi Banga, non-executive director, M&S, agrees. Infact he believes Cameron and Modi may turn this event into an annual dialogue.