The UK India Business Council described India as the most exciting economic story in the world and congratulated Finance Minister Nirmala Sitharaman and the government of India for remaining focused on ease of doing business with foreign investments and fiscal prudence in the Union Budget for 2024-25. UKIBC especially applauded the decision of the Modi government to reduce the corporate tax for foreign companies from 40 per cent to 35 per cent and hoped for more steps toward taxation parity.
The UKIBC Group CEO, Richard McCallum, welcomed the tax reduction announcement as something which would provide a shot in the arm to foreign investor sentiment. Indeed, he noted, if a further effort to establish a level playing field continued, it could spur further international investment in India.
This advocacy group is also hopeful of further details about the FDI policies when they get firmed up and announced.
"The Government of India has envisioned an ambitious 'Viksit Bharat' by 2047. The UKIBC and its members stand fully committed to this vision and are primed to make significant contributions in areas like job creation, skill development, energy transition, manufacturing, and R&D," the Council said.
Many of the UK firms are already strongly engaged in India and in co-operation with outstanding Indian partners. From the point of view of the UKIBC, it has no doubt that further private investments, including those from the UK, would result from the ongoing focused work on policy improvements and business facilitation reforms.
The Council has also lauded the commitment of the government to economic growth, along with fiscal stability and inflation management.
India represents the most compelling economic narrative globally today," McCallum underscored. "We view India not just as a market but as a strategic ally integral to our R&D, technology, talent, and supply chains.".
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