Latest news with #FreeTradeAgreement
The Hindu
3 hours ago
- Business
- The Hindu
Lighting the spark in U.K.-India cultural relations
May was a month of magical bonanza for United Kingdom-India relations. The long-anticipated Free Trade Agreement was ratified by both Prime Ministers, and it was another milestone that illuminated a different but equally significant dimension of their partnership: culture. On May 2, U.K. Secretary of State for Culture, Rt Hon Lisa Nandy, and India's Minister for Culture, Gajendra Singh Shekhawat, signed the Programme of Cultural Cooperation (POCC). This landmark agreement promises to light up the cultural corridor between the two nations, reaffirming their shared creative spirit. The POCC outlines five programme areas: digital technologies for culture, exhibitions and collections, performances and events, cultural property, and sustainability. These themes directly support the creative economy, a core sector driving the U.K. government's industrial strategy. This agreement signals a shared commitment to cross-cultural collaboration and economic growth. Before arriving in Delhi to sign the POCC, Ms. Nandy, the first Labour Cabinet Minister of Indian heritage, was the highest-ranking international delegate at the World Audio Visual & Entertainment Summit (WAVES) Summit, held in Mumbai. In her keynote, she powerfully highlighted the collaborative potential of the India-U.K. cultural and creative industries, sustainable by nature and an employment multiplier. The growth of the creative arts sector Globally, the creative arts sector is rapidly growing, projected to reach 10% of global GDP by 2030. At the G-20 New Delhi Leaders' Summit in 2023, global leaders unanimously called for greater investment in the sector. India hosting WAVES for the first time underscored its commitment, resulting in significant business deals and international agreements. The POCC between India and the U.K. builds on this momentum. It brings together the Indian Ministry of Culture, the U.K. government's Department for Digital, Culture, Media & Sport and the British Council in India, alongside major U.K. cultural institutions — including Arts Council England, the British Library, the British Museum, the Natural History Museum, and the Science Museum Group. With over 1,700 accredited museums in the U.K., the scope for partnerships with their Indian counterparts is tremendous, especially around leveraging digital technology for sharing cultural experiences and heritage. At its core, the POCC signals hope: the creative economy can foster a more inclusive future, encompassing tech-driven sectors such as gaming, digital content, film, OTT, television and more — creating opportunities for skilled workers and innovators. That is great news for India. With its deep cultural heritage, cutting-edge technology, skilled artisan base, and the world's largest youth population, India is uniquely positioned to lead. India's creative economy, valued at $35 billion, employs nearly 8% of its workforce, second only to agriculture. According to the Asian Development Bank's report (2022), 'Creative India: Tapping the Full Potential', six of India's top 10 creative hubs — from Badgam in Jammu and Kashmir to Tiruppur in Tamil Nadu — are in non-metro regions. This shows India's diverse cultural heritage. India, with over 300 universities and 3,000 colleges offering courses in design, arts, and architecture, is nurturing a global creative workforce. A role for the U.K. In 2023, during India's G-20 presidency, the U.K. played a pivotal role in supporting the cultural agenda. Artistic partnerships, creative project grants, and year-long cultural exchanges, such as Wales in India, which culminated at the 2024 Hornbill Festival in Nagaland, furthered that agenda bilaterally, redefining India-U.K. cultural ties and building lasting bonds. Why do these global partnerships matter so much? First, the creative economy is evolving rapidly. It faces challenges including skilled labour shortage. To meet this, we need sustained investment in education, vocational training and apprenticeships. International collaborations can help empower creative professionals with global competencies and best practices. Second, emerging technologies such as Artificial Intelligence and augmented reality and virtual reality (AR/VR) are transforming the sector. As the British Council's recent report, Arts and Technologies in India: Reimagining the Future argues, it is time to integrate it into India's creative education framework. Cultural exchange and cross-border partnerships can support professionals in navigating this digital shift. India's creative canvas is expanding, driven by cultural wealth, youth potential, and a bold vision. Prime Minister Narendra Modi envisions India as a global creative hub — and with a three-pronged approach focused on education, skills, and international collaboration, we are well on our way. But it will require sustained cooperation between government, industry and academia to make that vision a reality. Businesses and projects Indian companies, too, are doing their bit. Take Royal Enfield, the iconic U.K.-India motorcycle brand, which is working in the Himalayas through its Social Mission. In partnership with UNESCO, it is helping to safeguard intangible cultural heritage and working with over 580 artisans through its textile conservation project, The Himalayan Knot. This initiative not only preserves sustainable textile traditions but also creates new market linkages for craft communities. Ms. Nandy heard this story first hand at the reception hosted in her honour by British High Commissioner Lindy Cameron and this writer in Delhi, where the Serendipity Arts Festival's Birmingham chapter was also launched — a moving reminder of how businesses can be storytellers too. What truly binds the U.K. and India together are their people and their stories. In a world grappling with conflict and uncertainty, culture and creativity remain among the most time-tested healers of relations between people and nations. And in that, we have every reason to celebrate — and invest in — the creative spark that unites us. Alison Barrett, MBE, is the Country Director India at the British Council
NDTV
8 hours ago
- Business
- NDTV
India Becoming Powerful Player In Science And Tech: UK Minister
London: The UK must harness scientific and academic relationships with India as it becomes an increasingly powerful player in the science and technology space, Britain's minister for science, research and innovation has said. During a session on 'Unlocking UK-India Collaboration for a New Era of Innovation' at India Global Forum's Future Frontiers Forum at the Science Museum in London on Thursday, Lord Patrick Vallance called for greater mobility of high-skilled professionals through the Global Talent Visa and the need to tap into complementary skills across all sectors. The minister revealed the UK government's much-anticipated Industrial Strategy would be released in a few weeks, forming the blueprint for focus areas for such a partnership with India. "There is already a strong relationship between India and the UK, and I think it's growing," said Vallance. "But government-to-government relationships on science aren't actually what drives everything. It has to be a scientist and a scientist as well. There are important academic links. I'd like to see more of that as India becomes an increasingly powerful player in the science and tech space," he said. The forum was addressed by Commerce and Industry Minister Piyush Goyal earlier on the sector-wide benefits of the Free Trade Agreement (FTA) struck between the two countries, as it "adds value to science and technology and innovation". "A Free Trade Agreement demonstrates to the world that the two countries are friends, allies, and plan to work together closely; they trust each other," said Goyal. Vallance concurred and highlighted: "India has its focus areas, we have ours, now we need to create opportunities across those sectors." Lord Ara Darzi, the British surgeon behind a seminal review of the National Health Service (NHS) and much-needed areas of reform, hailed India's "transformative health solutions" as the "intellectual and production power" the UK must collaborate with. The forum also included a 'Pitchers and Punters' curated showcase of Indian start-ups pitching to a jury of international investors. Among the standout companies were Zypp Electric, Lina Energy, Steamology Motion Ltd and Electric Miles - with Zypp Electric winning this year's Clean Tech Award presented by British renewable energy group Octopus Energy.
Time of India
11 hours ago
- Business
- Time of India
India emerging as major science and tech force, says UK minister at London innovation forum
The UK must harness scientific and academic relationships with India as it becomes an increasingly powerful player in the science and technology space, Britain's minister for science, research and innovation has said. During a session on 'Unlocking UK-India Collaboration for a New Era of Innovation' at India Global Forum's Future Frontiers Forum at the Science Museum in London on Thursday, Lord Patrick Vallance called for greater mobility of high-skilled professionals through the Global Talent Visa and the need to tap into complementary skills across all sectors. The minister revealed the UK government's much-anticipated Industrial Strategy would be released in a few weeks, forming the blueprint for focus areas for such a partnership with India. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Top 25 Most Beautiful Women In The World Articles Vally Undo "There is already a strong relationship between India and the UK, and I think it's growing," said Vallance. "But government-to-government relationships on science aren't actually what drives everything. It has to be a scientist and a scientist as well. There are important academic links. I'd like to see more of that as India becomes an increasingly powerful player in the science and tech space," he said. Live Events The forum was addressed by Commerce and Industry Minister Piyush Goyal earlier on the sector-wide benefits of the Free Trade Agreement (FTA) struck between the two countries, as it "adds value to science and technology and innovation". "A Free Trade Agreement demonstrates to the world that the two countries are friends, allies, and plan to work together closely; they trust each other," said Goyal. Vallance concurred and highlighted: "India has its focus areas, we have ours, now we need to create opportunities across those sectors." Lord Ara Darzi, the British surgeon behind a seminal review of the National Health Service (NHS) and much-needed areas of reform, hailed India's "transformative health solutions" as the "intellectual and production power" the UK must collaborate with. The forum also included a 'Pitchers and Punters' curated showcase of Indian start-ups pitching to a jury of international investors. Among the standout companies were Zypp Electric, Lina Energy, Steamology Motion Ltd and Electric Miles - with Zypp Electric winning this year's Clean Tech Award presented by British renewable energy group Octopus Energy.
Time of India
a day ago
- Business
- Time of India
Focused on doing trade deals to complement, not compete: Goyal
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel India is in trade dialogues with countries with whom it doesn't compete but can complement the economies involved, Commerce and Industry Minister Piyush Goyal said here on an India Global Forum (IGF) session on UK-India Science, Technology and Innovation Collaboration at the Science Museum, the minister elaborated on the opportunities that trade deals open up - bilaterally and to the wider global economy."Our focus is on entering into robust trade agreements with the developed world," said Goyal, pointing to the UK-India FTA as well as deals concluded with Australia, the UAE and European Free Trade Association (EFTA). Goyal said that 15 years ago, before their party's government came into power, India was more focused on doing trade agreements with countries that "are our competitors"."It really is silly, because (that is) opening up my market to my competitors, many of whom have now become the B team of China. So effectively and indirectly, I have opened up my market for goods that find their way from China into India," he the ongoing trade negotiations with the US, New Zealand, the European Union (EU) and Gulf countries, the minister said: "We are in dialogue with countries with whom we don't compete, with whom we complement each other; where they have certain things to offer, which India would love to have, as with the UK agreement, and we have certain things on offer. We don't hurt their economies.""Therefore, these agreements will help us grow as an economy, help our innovation ecosystem get the right equipment, the right enabling environment. Our effort is to collaborate, co-create, co-operate and co-design. Let's work together as friends and allies of the democratic world," he the wide-ranging discussion with Science Museum director and chief executive Sir Ian Blatchford, Goyal highlighted the big wins for the sector with the recently concluded FTA with the UK at a time when India is set to "massively invest" in the innovation ecosystem over the next 10-15 years."I think a Free Trade Agreement also adds value to science and technology, and innovation. A trade agreement is not only about opening the doors wider for bilateral trade in goods or in services or even promoting investments. A Free Trade Agreement demonstrates to the world that the two countries are friends, are allies, plan to work together closely; they trust each other," he Artificial Intelligence (AI), Goyal expressed optimism that it would open up many more avenues rather than an area of concern that could lead to job losses."We are not only looking at it (AI) as a need to retrain our people, to re-skill our talent, but adopt it for regulation to provide for ethical use of AI and safeguard against misuse," he session also marked the launch of a memorandum of understanding (MoU) between the Quantum Ecosystems and Technology Council of India (QETCI) and IGF for UK-India Quantum Value Chain Mapping."This is a really rich relationship between our two countries, which is already thriving and which has great potential, well beyond free trade agreements," said Blatchford.
The Wire
a day ago
- Business
- The Wire
India's Growing Footprint in the UK Hits Record High: New Tracker Launched by Minister Piyush Goyal at IGF London
Grant Thornton's India Meets Britain Tracker reveals 23% year-on-year surge in Indian-owned UK businesses amid historic Free Trade Agreement milestone NEW DELHI and LONDON, June 19, 2025 /PRNewswire/ -- The 12th edition of the Grant Thornton India Meets Britain Tracker was officially launched today by Indian Commerce Minister Piyush Goyal, during a special opening session at IGF London at the Queen Elizabeth II Centre. This year's edition arrives at a pivotal moment, closely following the finalisation of the UK–India Free Trade Agreement and marks a record-breaking year for Indian business presence in the UK. Produced by Grant Thornton in collaboration with India Global Forum and Confederation of Indian Industry, the 2025 report provides the most comprehensive snapshot of Indian investment in the UK. IGF's deep-rooted influence, experience, and convening power in the UK–India corridor further enhance the strategic value of this research. Manoj Ladwa, Founder and Chairman of IGF, said: "This year's tracker is a powerful testament to the vitality of the UK–India economic relationship. As the first major platform following the conclusion of the FTA, IGF London provides the ideal stage to spotlight how Indian businesses are scaling in the UK. The rise in Indian-owned companies isn't just growth, it's momentum. It reflects the ambition and trust shaping this new chapter of bilateral collaboration." The 2025 Tracker identifies 1,197 Indian-owned companies operating in the UK, a 23% increase from last year's 971. This marks the highest figure on record and the largest annual increase since total numbers were first measured in 2017. These companies collectively reinforce the economic significance of the bilateral corridor, as the newly signed FTA is forecast to contribute an estimated £4.8 billion to UK GDP and £2.2 billion in wage growth annually. The report reveals the Technology, Media, and Telecom sector as the largest and fastest-growing vertical, representing 31% of all tracker companies. Pharmaceuticals and chemicals hold strong in second place, accounting for 22% of growth tracker companies. Financial services saw a notable rise, making up 10% of Tracker companies, the largest share since 2021. Geographically, London remains the top choice, hosting 47% of the 74 fastest-growing companies. The South of England follows at 24.3%, while the Midlands and North contribute 9.5% each. Anuj Chande, Partner and Head of the South Asia Business Group at Grant Thornton UK Advisory & Tax LLP, commented: "We are thrilled to witness such a significant surge in Indian-owned businesses in the UK. This reflects the confidence Indian investors place in the UK market, as well as the opportunities being unlocked by deeper bilateral engagement. The FTA's conclusion promises to supercharge this momentum, and this report offers a clear view of where that growth is taking shape. Our collaboration with India Global Forum has further strengthened the Tracker's reach and relevance at a pivotal moment in UK–India relations." The Tracker stands as a critical barometer of bilateral economic health and a strategic tool for policymakers, investors, and businesses on both sides. As the UK–India relationship enters a new era, IGF London 2025 underscores how partnership on paper is now being translated into impact on the ground. The announcement was the highlight of Day 1 of IGF's flagship event in the United Kingdom. With over 100 speakers, 1000 participants, and events across iconic venues in London, IGF London 2025 encompasses a spectrum of topics - from technology and trade to culture and commerce. This year's edition marks a powerful milestone - a decade since Prime Minister Narendra Modi's landmark 2015 visit to the UK, and the two nations have finalised the long-awaited Free Trade Agreement. IGF London is the first major international platform to celebrate and analyse this historic achievement, unlock new opportunities that emerge from its conclusion, and shape the next phase of UK-India collaboration. About India Global Forum India Global Forum tells the story of contemporary India. The pace of change and growth India has set itself is an opportunity for the world. IGF is the gateway for businesses and nations to help seize that opportunity. To know more, click here. Social Media Handles & Hashtag to Follow Twitter: @IGFUpdates & @manojladwa LinkedIn: India Global Forum #IGFLondon Photo: Logo: (Disclaimer: The above press release comes to you under an arrangement with PRNewswire and PTI takes no editorial responsibility for the same.). This is an auto-published feed from PTI with no editorial input from The Wire.
