Eric Jackson previews the Summer 2012 issue of Global Trader
Editor, Global Trader magazine
Post date: Thursday, 5th July 2012
The relationship between the UK and India is like that between an old married couple. Good times, bad times, benefits and drawbacks, rights and wrongs, but possessing a closeness that borders on the intense.
India may have been independent since 1947, but there’s no doubt that the British legacy persists – and is celebrated – by many Indians.
Likewise the culture, lifestyle and food of India have permeated British society. Now, thanks to India’s position as a highgrowth BRIC nation, that symbiotic exchange has been extended to business. Whereas once British companies dominated India, now Indian companies such as Tata and Mittal have made their mark here. Similarly, the world is now India’s oyster, while the world looks to India.
Sungwon Song, of Samsung, said: “India is among the top 10 markets for us in the world and in the next two to three years, it will be among the top three”, while India has been identified as the second most preferred destination for foreign investors, according to Ernst & Young.
Former cabinet minister and now chairman of the UK India Business Council, Patricia Hewitt, says: "With India growing at almost eight per cent, it is no wonder that UK businesses are looking east. Those businesses ahead of the curve are already seeing tangible results of working with partners in India."
Of course not everything is rosy – red tape and corruption are still rife, and many trade barriers still favour home producers at the expense of foreign traders. And the volatility of the rupee has affected growth. But the negatives are few, and India’s trajectory is only going up – very steeply.