Trade between the UK and India is now estimated to be more than $25 billion (2019) which shows an increase of 13.6% from the previous year.
The most significant areas of bilateral trade between the two countries are technology, finance and renewable energy.
The DIT has a wealth of information on the Indian Market, providing trade and investment services and practical support, helping companies succeed in India and Indian companies set up and invest in the UK.
The UK has been an attractive destination for Asian Venture Capital (VC) tech investors, with British tech companies attracting a record $2.8 billion worth of VC funding and with Indian start-ups raising funding of $71 billion between 2014 and 2020. Both India and the UK have established themselves as major hubs for start-up business in Asia and Europe respectively and so despite the uncertainties of Brexit, Indian investment into the UK has remained strong.
The majority of funding has been fueled by a surge in the UK’s best performing sectors including, fintech, Artificial Intelligence (AI) and deep tech, and clean energy. For example, in 2019 UK fintech firms raised $5.38 billion, which was an impressive 7.5 times the amount raised by French fintech and three times as much as Germany.
The Indian Tech Start-Up Funding Report in Q3 2018, predicted that the funding amount of Indian start-ups would hit the $12 billion mark with 748 deals for the 2019 calendar year.
The ecosystem for start-ups in India has directly created 390,000 – 430,000 jobs, with over 60,000 in 2019. India also has approximately 335 active incubators and accelerators that can empower 5,000 start-ups every year.
Both India and the UK have a substantial number of unicorn companies established in their markets. The UK hosts an impressive 77 unicorns, with 8 of those valued at over $1 billion. India hosts 24 unicorns, making it the third-highest number of such companies in a single country globally.