New Delhi: The UK India Business Council praised Finance Minister Nirmala Sitharaman and the government on Wednesday, calling India the world’s most fascinating economic story. The council praised the government’s emphasis on facilitating foreign investments and commitment to fiscal stability in the Union Budget 2024–2025.
The UKIBC applauded the Modi government’s plan to lower the corporation tax rate on overseas businesses from 40% to 35%, expressing their anticipation for more advancements towards parity and a brighter economic future.
“UKIBC welcomes the announcement on corporate tax reduction for foreign firms, which greatly encourages foreign investors. Continued progress towards a level playing field for all investors will help unlock higher levels of international investment in India,” said Richard McCallum, Group Chief Executive Officer, UK India Business Council (UKIBC).
The policy advocacy group stated that it is advisable to take note of the news about foreign direct investment (FDI) and eagerly await it once it is finalised and published.
“The Indian government has laid an ambitious plan for ‘Viksit Bharat’ (Developed India) by 2047. The UKIBC and our members strongly support this agenda and can play a strong role across key priority areas such employment and skilling, energy transition, manufacturing, and R&D, among others,” the Council noted.
Many UK companies are already invested and actively engaged in these areas in India, often working with brilliant Indian partners. A continued focus on policy and ease of doing business-related reform will help unlock increased private investment, including from the UK.
“We also commend the Indian government’s strong economic growth promotion while at the same time delivering fiscal stability and inflation management,” said the Council.
McCallum said, “India is the most exciting economic story in the world today. We see India not simply as a market but as a strategic partner — part of our R&D chain, technology chain, talent chain and supply chain.”
–IANS
