£400 million in UK-India trade and investment deals poised to boost British economy and support working people.

The UK and India have taken a major step forward in strengthening their economic relationship, with over £400 million in trade and investment wins announced during the 13th UK-India Economic and Financial Dialogue (EFD). This milestone is expected to drive economic growth, create jobs, and enhance stability for British businesses and workers.

During the event in London, Chancellor Rachel Reeves and Indian Finance Minister Nirmala Sitharaman unveiled a joint statement that opens the door to deeper collaboration across key industries, including financial services, defence, education, technology, and sustainable development.

Reeves emphasized the importance of international partnerships in today's global economy:

“In a changing world, it is imperative we go further and faster to kickstart economic growth. We’ve listened to businesses, and that’s why we’re negotiating ambitious trade deals, including with India, to support British industry and put more money in people’s pockets.”

The EFD marked Chancellor Reeves’ first engagement with India in this capacity, and it was also attended by Business and Trade Secretary Jonathan Reynolds, who, alongside Minister Sitharaman, hosted a roundtable with major UK and Indian business leaders.

Key Wins Announced:

A total commercial package of £128 million in new trade and investment deals was revealed, in addition to £271 million in recent agreements. Highlights include:

- Paytm, India’s leading digital payments platform, will invest in the UK to expand access to digital payments for small businesses.

- Barclays Bank PLC India announced a £210 million capital injection to grow its investment and private banking services.

- HSBC is expanding from 14 to 34 Indian cities, aiming to reach 95% of the country’s wealth market.

- Standard Chartered has moved to a larger office in India’s GIFT City to reinforce its commitment.

- Mphasis, an Indian tech company, is launching a quantum centre of excellence in London and exploring an office in Nottingham, creating 100 jobs.

- British International Investment (BII) is investing $10 million in agritech startup Grow Indigo to support regenerative agriculture.

- WNS, a global digital transformation firm, is expanding its London HQ and opening a new AI hub.

- Revolut is set to launch in India later this year, having received regulatory approval.

- Wise, a UK fintech, will open a new office in Hyderabad to further its mission in global money movement.

- Prudential will launch a global services hub in Bengaluru and a third JV focused on health insurance.

- BII is also investing $15 million in a vehicle focused on early-stage Indian companies that prioritize inclusion.

Additionally, India is laying the groundwork to allow its companies to list internationally, including at the London Stock Exchange. A new report, Catalysing Bilateral Growth, aims to deepen capital market connectivity and confidence.

Education and innovation

Coventry University is set to become the first English university to open a campus in India.

London School of Economics received a Corpus Grant from Tata Trusts to expand scholarships for Indian students.

Expanding strategic cooperation

Both nations reaffirmed their collaboration as co-chairs of the G20 Framework Working Group, agreeing to promote dialogue on global macroeconomic risks.

New goals were also set for joint investment in green enterprises, tech startups, and climate adaptation, building on the UK-India Green Growth Equity Fund (GGEF).

Defence collaboration

Further discussions highlighted opportunities in defence, with the upcoming India-UK Defence Industrial Roadmap expected to enhance cooperation and integrate supply chains across sectors.

Industry leaders speak out

Secretary of State for Business and Trade Jonathan Reynolds said: 

“I was delighted to meet with Minister Sitharaman, hear from businesses, and discuss how we can strengthen the strong economic bonds between our two nations.

Both the UK and India are committed to delivering economic growth and giving businesses the confidence and stability they need to expand. 

That is why we are continuing to negotiate towards an ambitious trade deal that unlocks opportunities both at home and abroad for British businesses and supports our Plan for Change”.

Keshav R. Murugesh, Group CEO, WNS said:

"The UK and India stand as natural partners, and this re-energized trade and investment relationship marks a pivotal stride in our already strong alliance. The potential before us is immense. By formalizing our collaboration in pioneering fields like AI, we will not only fuel innovation and generate high-skilled jobs in both our nations, but also solidify our joint leadership in this transformative era. This is indeed a thrilling chapter for the UK-India partnership".

Bill Winters, Group Chief Executive, Standard Chartered said:

"In the face of global developments, it is imperative that we think creatively and act in partnership. The UK and India’s focus on strengthening financial ties and deepening cooperation between our governments, regulators, industry leaders and experts, plays an important role in driving economic progress, setting global benchmarks for stability and innovation and paving the way for greater trade and investment in both countries".

The Rt Hon The Lord Mayor of London, Alderman Alastair King:

"We had a highly constructive discussion with Hon. Minister Nirmala Sitharaman and The Rt. Hon. Jonathan Reynolds, joined by leaders from across the financial services sector. There is a strong, shared commitment to deepen our economic partnership and drive greater prosperity—particularly in key areas such as green finance, infrastructure investment, and fintech. 

Global trade is entering a new era, where strategic alliances and trade agreements are more crucial than ever. As we look ahead to the UK-India Economic and Financial Dialogue and continue FTA negotiations, our focus remains on sustaining momentum and delivering tangible outcomes in the months to come.” 

David Schwimmer, CEO, LSEG said:

"LSEG is honoured to host the 13th UK-India Economic and Financial Dialogue at the London Stock Exchange as part of our continued support for initiatives that promote collaboration and connectivity between UK and Indian financial markets. Through deepened partnership, the governments and regulators from both countries can help to build an environment which delivers real benefits to their financial markets and economies". Photo by Loren, Wikimedia commons.