India will soon surpass UK to become world's third-largest economy, says UK High Commissioner

By the end of the decade, India will surpass the United Kingdom to become the world's third-largest economy; as a result, New Delhi and London must work together, British High Commissioner to India Alex Ellis said during a trade and investment programme on Tuesday.

At the India-UK business alliances programme, Ellis said, "For two economies roughly the same size, India will grow fast overtaking the UK to become the third largest economy by end of the decade, thus both need to work together."

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ANI reported that him as further stating that now as the UK has left the European Union, it is a great chance to write its own rules which can really work with India as there is a political will. In conversation with ANI, Ellis said that both London and New Delhi are trying to complete the Free Trade Agreement (FTA) by Diwali this year. When asked if it'll be a 'Diwali Dhamaka,' the high commissioner said that he hopes, as this FTA will help India to increase employment and economically grow in the coming 25 years.

According to the Union ministry of commerce and industry in Delhi, the fifth round of negotiations for the Free Trade Agreement (FTA) between India and the UK concluded last month.

According to Britain Meets India (BMI) Report 2022, there are 618 UK companies in India that employ over 400K people and generate billions of dollars in revenue. These reports cover an average of 36.3 percent of the ground, a 10 per centincrease from 2021.

The report was released in New Delhi in the presence of over 50 dignitaries.

As per an industry-based report released last month, the bilateral trade between the two countries is likely to double by the year 2030.

(With inputs from agencies)

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