This week marks the mid-point for a busy few months for FICCI. After the historic elections, where the Indian electorate delivered a clear and decisive mandate to Prime Minister Narendra Modi, we have seen a significant pick-up in activity in the trade and investment corridor internationally.
For example, commenting on the PM's visit to Japan, FICCI President Sidharth Birla said, “We are particularly enthused about the launch of the Japan- India Investment Promotion Partnership under which the two sides have agreed to double the flow of FDI into India and the number of Japanese companies over the next five years." The Free Trade Agreement in services and investment with the ASEAN bloc was also signed, which we welcome as it will supplement the India-ASEAN FTA in goods and help in getting greater market access for India’s professionals and service providers.
Looking internally, the Pradhan Mantri Jan Dhan Yojana was welcomed by business leaders. Birla said: "This launch has brought into focus the subject of financial inclusion in a manner not conceptualised before. The key distinction from earlier designs is the introduction of a combination of savings, loans and insurance products."
The activity in our UK office has been broadly reflective of this buoyancy in policy announcements and progress in international partnerships. Following our annual CEOs delegation visit to the UK in June, the first major visit by Indian CEOs post-elections, we worked with MIDAS, the Manchester inward investment agency, to host a major summit during the Old Trafford England-India Test match last month. FICCI Secretary-General Dr Didar Singh was involved in a series of meetings with businesses and universities in Birmingham. We were also at the Commonwealth Games seeking to identify areas we could help Indian businesses.
Tim Newns, Chief Executive of MIDAS, said: "FICCI’s support has been instrumental to the success of our Manchester-India business summit. The influence of the organisation helped us to attract a host of high profile Indian business delegates and media contacts to the event. We at MIDAS are looking forward to working closely with FICCI as we continue our activity with the Indian market.”
We've also hosted regular delegations from India. The Indian Super League was revealed at the Soccerex Global Convention in Manchester earlier this month, where FICCI helped bring a high-level football delegation. And just this week, we've hosted senior executives from the luxury textiles and gems areas in India visiting London Fashion Week.
Cyber-security has consistently been identified as a major concern for Indian businesses, according to an annual FICCI-Pinkerton risk survey. We are working with UKTI to provide platforms for knowledge-sharing. We are in Kirklees near Leeds shortly to have similar conversations around doing business in India. And as Asian Voice has covered in detail, there has been a steady flow of UK ministers travelling to India. FICCI has had a key role in facilitating this dialogue in Delhi. Indeed, at the biggest UK-India business convention coming up this year, Connect '14 in Delhi in October, FICCI's investment session is aptly named "UK and India: Natural Partners for Investment."
These are sentiments echoed by Deputy Prime Minister Nick Clegg "Good days are coming. Britain is ready and able to help build that. India is our biggest G20 investor and UK has the expertise and investment capacity that can create the best jobs for India's young population," he said alongside UKTI and FICCI in Delhi just a few weeks ago.
