UK businesses see 'Atmanirbhar Bharat' as an opportunity to do business in India
Dec 15, 2021
New Delhi (India), December 15 : The majority of corporate representatives from the UK feel that the business environment is improving in India, and the 'Atmanirbhar Bharat' campaign started by Prime Minister Narendra Modi offers greater opportunity for economic engagement between the two countries, UK-India Business Council said in a report on Wednesday.
UK companies remain committed to operate, assemble, manufacture and trade with India; they are keen to continue to support in India's development and global ambitions; and a majority (51 per cent) assert that the business environment is improving, according to the 7th Annual Doing Business in India report by the UK-India Business Council (UKIBC).
The report is based on a survey response of 147 UK business representatives, who shared their experiences on India's business environment and made constructive recommendations to make India even more attractive for international investors.
As per the report, the UK businesses remain overwhelmingly of the belief that Atmanirbhar Bharat, or the 'self-reliant India' mission, is an 'opportunity to do more business with India'.
There is, however, a slight drop in positivity for Atmanirbhar Bharat when compared with the last year's response. In 2021, 65 per cent of respondents see Atmanirbhar Bharat as an opportunity for bilateral economic activity, which is lower than 77 per cent in 2020.
Rajendra Ratnoo, Joint Secretary, Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, released the report in a virtual event. Ratnoo reiterated the Government of India's commitment to a "facilitatory India which is investor-friendly and business-friendly" and continually aims to "make it easier and simpler to do business in India".
The continued focus on ease of doing business, evident in the UKIBC report, is driven by strong determination and commitment led by the Prime Minister of India on a positive reform journey for India to support business and growth across the country, he said.
Commenting on the report findings, UK-India Business Council Executive Chair Richard Heald said: "An active and open dialogue between businesses and Government is critical to a successful and dynamic business environment. As those with experience on the ground, businesses are best placed to share feedback and we sincerely welcome the Government of India's responsiveness and willingness to engage with businesses on that feedback at various meetings with the UKIBC in recent weeks."
"UK businesses are significant FDI investors in India, employing hundreds of thousands of staff across every State, making and innovating in India, exporting from India, and contributing hugely to the achievement of the Sustainable Development Goals," said UKIBC Managing Director Kevin McCole.
