India's Union Budget Boosts Confidence Among UK Business Leaders

The Union Budget presented by Finance Minister Nirmala Sitharaman has been welcomed by the UK business community for its focus on economic growth, foreign investment, and policy reforms. Notable highlights include improved FDI conditions, tax reforms, and moves towards trust-based economic governance, signaling a positive outlook for bilateral trade.

The Union Budget introduced by Finance Minister Nirmala Sitharaman has generated significant enthusiasm among UK business leaders and investors. Key highlights focus on economic growth and reforms aimed at increasing private investments and simplifying foreign direct investment (FDI) conditions.

Key figures, including Richard McCallum, CEO of the UK India Business Council, praised efforts to invigorate private investment and skilling, alongside regulatory reforms in sectors like tax administration, urban development, and energy security. Manoj Ladwa, CEO of UK-based India Global Forum, noted the importance of the FDI cap hike in the insurance sector as a major advancement for global investors.

Anuj Chande from Grant Thornton UK LLP emphasized the potential benefits for middle-class growth and the reduction of bureaucracy and customs duties. With India poised to reach an 8% growth rate, the Budget is seen as a strategic move to enhance UK-India investment and cooperation.

(With inputs from agencies.)