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Friday, June 23, 2006

India Intelligence Report

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   UK Missing the India Boat

 

 

  • Panel of MPs say UK business losing out by not engaging enough on India

  • Criticizes UK Government support network as being “characterized by confusion.”

  • Indo-UK trade is paltry at 4% of Indian exports to and 3% import from UK

The UK Trade and Industry Select Committee of British Members of Parliament (MP) said that British businesses “have only partial understanding of the Indian economy, despite it becoming the fourth-largest in the world with the second-largest population.” It also criticized the government’s support network for people doing business in India as being “characterized by confusion.”

Panel members visited businesses in India to conclude that “a great deal of good work is being done, but by too many overlapping bodies with ill defined responsibilities and often inadequate resources.” They also said that “Viewed from India, the UK is a small country and efforts need to be far more focused to have a real impact.”

Committee Chairman Peter Luff said “levels of interest in the Indian economy are growing year on year but UK investors don't really understand opportunities that India presents. UK firms must reassess their perception of the Indian economy as simply a source of low-cost labor and the UK government must do more to help them.”

Just 4% of India's exports go to Britain, compared to 17% to the US, 6% to China, and 5% to Singapore and Hong Kong. China and the US account for 6% of India's imports while Britain accounts for just 3%.


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