Osborne said since the Cameron government came into power, Indo-British trade has grown by 50 per cent but added the “job of expanding our exports, increasing investment and rebalancing our economy is not yet done. We have more work to do with India.”
Since 2010, British exports to India have risen 50 per cent, while Indian exports to Britain gained 33 percent, he said.
In 2013, England exported 7.7 billion pounds worth of goods and services to India and imported 8.8 billion pounds of goods and services from India. In 2013, British goods exports to India rose 13 per cent.
England is the third biggest investor in the country after Singapore and Mauritius and invested USD 3.2 billion in FY14, the leading being the multi-billion dollar Diageo-United Spirits deal and one-billion dollar GSK open offer.
There are over 700 Indian-owned businesses in Britain, employing over 1 lakh people. The top 41 fastest-growing Indian companies generate some 19 billion pounds of turnover in Britain.
This is the first ever joint visit by a British Chancellor of the Exchequer and Secretary of State for Foreign Affairs to India. Prime Minister David Cameron's first official visit after assuming office in 2010 was to New Delhi in May that year.
