According to British parliamentarian Lord Karan Bilimoria, Prime Minister Narendra Modi one of the most powerful individuals on the planet. He made this statement when discussing the value of the UK’s relations with India, the world’s fastest-growing major economy.
“Narendra Modi, as a boy, sold tea at his father’s tea stall at a railway station in Gujarat. Today, he is one of the most powerful people on this planet as Prime Minister of India,” UK MP Lord Karan Bilimoria said during a Parliament debate on ‘The Importance of the Relationship Between the United Kingdom and India’ on Thursday.
“Today India has the presidency of the G20. Today, India has the vision, in the next 25 years, to become the second-largest economy in the world with a GDP of USD 32 billion. The Indian Express has left the station. It is now the fastest train in the world–the fastest-growing major economy in the world. The UK must be the closest and trusted friend and partner of India in the decades ahead,” he stated.
He added that, with 1.4 billion people, India has now surpassed the UK to become the world’s fifth-largest economy and the one with the quickest rate of growth.
The trade agreement between India and the UK is “well-advanced,” according to Lord Karan Bilimoria. He emphasised that it is “not enough” and listed India as the UK’s 12th trading partner.
“With 75 years of democracy, it is a young country. It had a growth rate of 8.7 percent in the last financial year, and it has contributed one in 10 unicorn companies, with over 100 unicorns. It is also the fourth largest producer of renewable energy and solar power. In every aspect, India is going from strength to strength, including during the pandemic when it produced billions of vaccines, with the Serum Institute of India partnering with Oxford University and AstraZeneca,” he further said.
Lord Karan Bilimoria India and the UK should quickly conclude the Free Trade Agreement. “The UK-India free trade agreement is well-advanced. Although our trade at the moment is worth £29.6 billion, India is only the 12th largest trading partner of the UK. That is not enough, it should be so much higher. I am sure the Minister will agree that we should conclude the FTA as quickly as possible, but not in a rush, it needs to be as comprehensive as possible,” the British Parliamentarian said.
“The young professional scheme has just been concluded; 3,000 degree-educated nationals from India will be able to spend two years here, and vice versa,” he added.
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