Indian diaspora youth plays an indispensable role in innovation and new technologies, says Baroness Prashar
Business leaders in the United Kingdom agree that a Free Trade Agreement (FTA) with India would encourage their business to explore more opportunities in the market, according to FICCI-Grant Thornton Report ‘India in the UK: The Diaspora Effect’.
A third (32%) of surveyed UK business leaders plan to invest more in growing in international markets over the next six months, with 65% focused on the Indian market, according to the report launched on 5 Mar 2022.
As the FTA talks resume, the UK business leaders welcome the idea of building deeper trade connections with India, according to the report, which also highlighted contribution of Indian diaspora in the UK.
The UK-India are resuming FTA negotiations, according to the report, a Grant Thornton collaboration with the Federation of Indian Chambers of Commerce (FICCI). It is the second edition of the report which celebrates the prominence of Indian diaspora in the UK and highlights a new generation of British Indians in the fields of business, arts, science, sports, and politics.
It features a series of interviews with leading diaspora entrepreneurs, both those running established businesses and others breaking new ground.
The report also highlights the changing dynamics and challenges such as complexity of succession planning and inclusion and diversity faced by Indian diaspora businesses’ as they transition from first to second generation.
The Indian High Commissioner in London Gaitri Issar Kumar said, “One of the key pillars of the strong relationship between India and the United Kingdom is the Indian diaspora – described as the ‘Living Bridge’ by the Prime Minister Narendra Modi.
“Estimated to be over 1.5 million strong today, this community is valued for its outstanding contribution in every sphere of activity academics, literature, arts, medicines, science, sports, industry, business, and politics, among others, which has been widely acknowledged with appreciation.”
The Rt Hon. the Baroness Usha Prashar CBE, Chair of the FICCI, added, “Indian diaspora connects India to the world. It is heart-warming how the members of our large diaspora have well integrated into the countries and societies where they live and work.
“Over decades, relations between India and the UK have evolved against the changing contours of political and economic affairs. Today, the Indian diaspora is one of the largest migrant communities in the UK.
“Indian Diaspora Youth plays an indispensable role in Innovation and New Technologies, at global level. We need to motivate them to devise innovative solutions to local problems in India.”
Anuj Chande, Partner and Head of South Asia Group, Grant Thornton UK LLP, elaborated, “India is already an important partner for the UK, so an FTA is a natural next step to further strengthen the relationship.
“As India becomes an increasingly important force globally, and the UK voices its desire to strengthen its long-standing ties with India, the diaspora is perfectly positioned to bolster the strength of the connection between the two countries and continue to contribute to the economic development in both countries.
“Current generations have been described as Britain’s best ambassadors in India and have a key role to play in attracting Indian investment into the UK and UK investment into India.” fiinews.com
