India on track to becoming third largest economy by 2028, economic superpower in the making: UK Prime Minister

British Prime Minister Keir Starmer announced on Thursday that India is well on its way to becoming the world’s third-largest economy by 2028 and is evolving into an economic superpower, with the United Kingdom positioned as a key partner in this journey, reports 24brussels.

Starmer highlighted that the UK is among only three nations globally with a trillion-dollar tech sector, while India stands poised to be the fourth country in this category. He stated, “Just look at the sheer scale of India, the world’s largest democracy, on track to become the third-largest economy by 2028, an economic superpower in the making. We, the UK, are perfectly placed to be partners on that journey.” He emphasized the importance of a trade deal that serves as a launch pad for boosting British leadership across various sectors including technology, life sciences, and renewable energy.

During his visit, which included the largest trade delegation ever sent to India, Starmer noted that the week had yielded substantial investments, including £1.3 billion aimed at creating 10,600 jobs across the UK. He detailed that this investment encompasses 1,500 positions in the North West, over 1,000 in the Midlands, 200 in Yorkshire and the Humber, and 700 in Northern Ireland. “We’re opening up new opportunities in India for British businesses,” he remarked, stressing the unique advantages this partnership brings.

Starmer and Indian Prime Minister Narendra Modi met earlier in the day to discuss further collaboration, addressing both the India-UK CEOs Forum and the Global Fintech Fest. The Prime Minister of the UK commended Modi’s leadership and India’s vision to develop fully by 2047. “We want to be partners on that journey,” he stated, also asserting his support for India’s bid for a permanent seat on the UN Security Council.

He described the Comprehensive Economic and Trade Agreement (CETA) signed in July as a pivotal moment for UK-India relations, allowing 99% of Indian exports to the UK to enter duty-free, which is anticipated to benefit sectors such as textiles, marine products, and engineering goods. “In the current era of global uncertainty, the partnership between India and the UK continues to serve as an important pillar of stability and economic progress,” Starmer concluded.