India and UK have strong will to finalise FTA, says London Deputy Mayor

Describing the Indian economy and market as strong, London's Deputy Mayor (Business) Rajesh Agarwal said there is a strong will between the UK and India to finalize the proposed Free Trade Agreement (FTA). He also said that both the countries have many opportunities to enhance partnership in information technology, defence, professional services and other areas.

Aggarwal has come to Indore to participate in the three-day Pravasi Bharatiya Divas convention starting on Sunday. In an interview with PTI, he said that several rounds of talks have taken place between the UK and India to enhance the bilateral partnership by finalizing the FTA. There is a lot of will on both sides regarding the FTA.

Agarwal said there are many opportunities to enhance partnership between the two countries in the areas of information technology as well as defence, professional services, legal services, life sciences and start-ups. He said the economic relationship between the UK and India can be gauged from the fact that in the City of London alone, Indian companies are providing around 80,000 jobs, including the Tata Group and individual IT firms.

Aggarwal said that even during the severe outbreak of Covid-19, Indian companies increased their business worldwide, which is an indicator of the country's economic progress.

On the sound of global recession, he said that India's local market is very strong and the country's economy is capable of withstanding all the shocks. Although global events have some impact on every country, but I think India is safe from it (from the danger of economic recession) to a great extent.

Agarwal said that India is one of the leading countries in the world in Information Technology (IT) and pharmaceutical manufacturing and industrial production activities are also picking up pace here.

The Deputy Mayor of London said that the eyes of the whole world are on India, as India is the fastest growing economy and the global engine of economic growth.

Agarwal also said that in a talent-rich India, the government appears to have the will to encourage investment and entrepreneurship. He said that India's biggest strength is its democracy and western countries have a friendly attitude towards India.

Underlining the contribution of the Indian diaspora in India's development, the Deputy Mayor of London said that the Indian diaspora sends around $90 billion every year to their motherland India.

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