The UK can “attach” itself to India’s thriving economy and reap the benefits of its success post-Brexit, according to Prime Minister Rishi Sunak. During his first visit to India, Sunak highlighted the newly gained freedom for the UK to strike trade deals with countries like India as one of the reasons he supported leaving the EU. India, known for being the fastest-growing economy in the world, presents an exciting opportunity for the UK.
Sunak also applauded India’s emphasis on mathematics, science, and engineering education, suggesting that Britain could learn from the country’s example. As the UK seeks to secure a trade deal with India, there are ongoing disagreements on issues such as alcohol tariffs and UK demands for restrictions on the production of cheap generic drugs.
Sunak emphasized that negotiations on a trade agreement will prioritize quality over speed. During a meeting at the G20 summit in New Delhi, Sunak and Indian Prime Minister Narendra Modi agreed to continue working towards an agreement. The two leaders shared warm greetings, with Modi acknowledging Sunak’s warm welcome in India and Sunak expressing his enthusiasm for being in India.
Sunak sees India’s focus on science, technology, engineering, and mathematics (STEM) subjects as a driving force behind the country’s rapid growth. In the UK, Sunak has previously announced plans for mandatory math education until the age of 18. He believes that a strong education system and a focus on relevant skills are key factors in driving growth in a modern economy.
India’s GDP grew by almost seven percent in 2022-23 and is predicted to increase by 6.3 percent in the current financial year. Analysts predict that India will become the world’s second wealthiest nation by 2075, surpassing the United States. The World Bank attributes India’s growth to robust domestic demand, buoyant private consumption among higher earners, and strong investment activity driven by government initiatives in infrastructure development.
India is undertaking ambitious projects, including the construction of a new airport in Mumbai to accommodate 90 million passengers annually, signifying the country’s commitment to economic growth and development.