2019 has been a year of significant economic reforms in both the UK as well India.
India is one of the world’s largest and fastest growing economies, an emerging Technology powerhouse. The Technology evolution of the IT sector in India has enabled emerging Technology such as Deep Learning, Data Science, ML etc to widely bring in the much-needed power for global trade & commerce ecosystem. Be it in the sectors of Healthcare, Pharma, Automotive, Retail or Financial inclusions, this inclusive growth across all stratas has added immensely to India’s global footprint. Digital India, Smart Cities and Make in India are just a few of the initiatives that are set to boost India’s vibrant Technology economy.
The UK’s digital economy, worth approximately around £116 bn a year, is also booming. The UK continues to be a competitive destination for international investors, with a Technology sector that is the largest in all of Europe. Furthermore, the UK’s outward approach and forward thinking make it well-placed to support partnerships that encourage mutual growth at home and abroad. It has an active venture capital community, more Technology ‘unicorns’ than elsewhere in Europe, a network of incubators and Technology clusters, world-leading talent and links between industry, universities and research institutions.
Although UK & India had been doing business bilaterally for years, private businesses & medium scale enterprises were still daunted by the regulatory differences between the two countries and lack the clarity on where to begin from. This scenario has now started changing steadily thanks to the economic policies set by the current governments & the digital initiatives. Both the UK & Indian governments are going the extra mile in helping organisations develop bilateral trade and investment opportunities.
Consulting entities such as:
- UK Trade & Investment
- British Chambers of Commerce
- All Party Parliamentary Group on Entrepreneurship
- High Commission of India, London
- UK / India Business Council
- British Business Groups in India
- Federation of Indian Chambers of Commerce and Industry
- Confederation of Indian Industry
- India Business Chamber
- The Associated Chambers of Commerce and Industry of India (ASSOCHAM)
- London Technology Advocates (TLA)
- Technology UK
- National Association of Software and Service Companies (NASSCOM)
These organisations have been immensely instrumental in inspiring & supporting businesses to seek out new opportunities and fulfil the massive market potential.
The current reforms and changing dynamics of the two countries, their mutual interests, capabilities & similarities around culture, originality of innovation, research, education, life science & healthcare, financial Inclusions and business sophistication are proving to be the foundation of a strong and healthy cross-border association.
The UK is already the single largest G20 investor in India & Brexit presents further opportunities, with new trading agreements & MOU being signed by the prime ministers of both the countries that would further strengthen UK-India trade and investment relationship which stands at somewhere around $16-17 billion (annually) as of now. UK's exports to India increased at the fastest rate among the country’s top trading partners outside the European Union, with a 19.3% hike in trade.
The UK is ranked 1st in the Government #AI readiness index globally. Following a similar trend on the Indian side we have implemented several initiatives around AI-led digitization of government machineries. Such initiatives have ensured transparency & efficiency in the nations’ processes.
With India having one of the fastest Technology absorption rates globally, and the UK being a global leader in Technology, the combination has indeed already started the journey of leveraging the potential of digitalisation. What better could be an example of the same than the initiatives of Healthcare UK, part of the UK’s Department for International Trade (DIT), who is currently collaborating with NITI Aayog (India) in implementing several AI pilots in health-Technology space. Some of the other areas of focus in 2020 are prognosed to be Smart Cities, Public Distribution Systems, e-Governance systems, Digitalization of utility providers such as the power and water sectors. A large number of Indian IT companies have benefited from building the IT infrastructure for the UK private sector, financial institutions, government agencies like National Health Service (NHS) and even for city systems like the London Underground.
We at e-Zest Solutions, being an organisation with an expanding global footprint, believe the moment is opportune for the two countries to collaborate and leverage our strengths to drive digital transformation for organisations in both the countries, across the sectors of Healthcare, Fintech and Automotive among others.
Our presence in the UK is growing by the day, and we’re looking forward to propelling our existing collaboration with organisations in the UK as a digital innovation partner.