Prime Minister Narendra Modi and his British counterpart Keir Starmer hailed the new trade deal as potentially transforming business, defence and technology ties between the two countries as the UK PM’s maiden visit to India wrapped up in Mumbai on Thursday.
“This relationship matters more than ever,” Starmer told reporters at a press conference before he flew home this evening. “We’re opening up new opportunities in India for British businesses, opportunities that other countries simply do not have. It has given us a unique edge.”
Starmer and Modi met one-on-one in Mumbai in the morning and later in the afternoon, they took part in the Global Fintech Fest where both leaders also spoke.
Echoing Starmer’s enthusiasm, Modi observed that “India’s dynamism and the UK’s expertise together (would) create a unique synergy,” suggesting it would benefit both the countries.
The British PM is leading the largest-ever business delegation, including some of the top UK companies, which according to Modi reflected the “new energy and broad vision” in the partnership.
Starmer said the focus of his visit was about doubling down on the potential of the trade deal signed in July, which is expected to take effect within a year after ratification by the British Parliament.
He also announced a £350-million deal to supply UK-made Lightweight Multirole Missiles to the Indian Army.
“This is just the start,” Starmer said at GFF. “It’s time to invest in the UK, invest in this relationship and invest in our shared future.” Late in the evening, he claimed on X that the UK-India partnership has started to deliver. “10,000 jobs created and £1.3 billion of investment back into the UK.”
An Indian foreign ministry statement said the two sides agreed to set up a connectivity and innovation centre and a joint centre for AI, and unveiled a critical minerals industry guild to bolster supply chains and promote green tech.
Friends with benefits
Starmer and Modi also addressed a forum of CEOs where the Indian PM touted the country’s policy stability, predictable regulation and large-scale domestic demand to seek investment, while exuding confidence that India-UK bilateral trade, currently at $56 billion, could double well before the deadline.
“Today, telecom, AI, biotech, quantum, semiconductor, cyber and space sectors have potential for partnership. In strategic sectors like critical minerals, rare earth, API, we should move ahead in a structured way. India, UK business leaders should work to identify some sectors wherein jointly we can become world leaders. Be it fintech, semiconductor, green hydrogen or start-up. Let India and the UK set global benchmarks,” Modi said.
Starmer asked industry leaders from India and the UK to list out what the governments of both the countries could do to remove barriers stopping them from capitalising on opportunities.
“We want to support you to maximise the potential in relation to this trade agreement,” Starmer said, adding that there has been a £6 billion boost in trade and investment in the three months since the deal was signed in July.