Prime Minister Narendra Modi stated that around 50 percent of the world’s real-time digital transactions occur in India, asserting that the integration of the UK’s expertise in financial services with India’s Digital Public Infrastructure (DPI) can generate significant benefits for humanity, reports 24brussels.

During his address at the India-UK CEO Forum, Modi highlighted the Comprehensive Economic and Trade Agreement (CETA) as a roadmap for shared progress and prosperity, while acknowledging the contributions of UK Prime Minister Keir Starmer. He noted that the CETA would particularly empower micro, small, and medium enterprises (MSMEs), signifying a strong step in enhancing India-UK relations amidst current global instability.

“This is not merely a trade agreement; it is a roadmap for shared progress, shared prosperity, and shared people-to-people connections between two of the world’s major economies,” Modi stated. He emphasized the expected growth in bilateral trade, which currently stands at approximately $56 billion, with a target to double by 2030. “I am confident that we can achieve this target ahead of time,” he added.

To optimize the CETA’s potential, Modi outlined four key dimensions: Commerce & Economy, Education and People-to-People Ties, Technology & Innovation, and Aspirations. He affirmed that India’s stable policies and strong demand present unprecedented opportunities across sectors such as infrastructure, pharmaceuticals, energy, and finance. Additionally, he noted that nine UK universities plan to open campuses in India soon, highlighting the future role of academia in driving innovation.

Modi further advocated for swift and determined action to translate emerging cooperation in sectors like telecom, AI, biotech, quantum technology, semiconductors, and cyber into tangible collaborations. “Now is the time to turn all these possibilities into concrete collaborations with speed and determination,” he emphasized. He pointed out the importance of structured efforts in critical sectors, including minerals and APIs, to advance their partnership.

Reflecting on the partnership with the UK, Modi mentioned the launch of Vision 2035 as a guiding blueprint to infuse new energy into their relationship. “Between open and democratic societies like India and the UK, there is no area in which cooperation cannot grow,” he stated, underscoring the complementarity of India’s talent and scale with the UK’s research and development capabilities.

Highlighting ongoing reforms aimed at enhancing the ease of doing business, he spoke about recent GST reforms designed to bolster India’s middle class and MSMEs, thus creating new opportunities for investment. In terms of infrastructure, Modi stressed the government’s commitment to developing cutting-edge physical infrastructure and achieving 500 gigawatts of renewable energy capacity by 2030. He invited UK businesses to participate in India’s developmental journey, stating, “Let India and the UK set global benchmarks together.”