UK Secures Jobs & £3.6 Billion Investment in India Visit

London, October 10 (PTI) – British Prime Minister Keir Starmer announced that during his recent visit to India, he secured thousands of new jobs for the UK, with various companies committing to investments totaling £3.6 billion in the AI and fintech sectors. Starmer wrapped up his visit to Mumbai on Thursday, engaging in comprehensive discussions with Indian Prime Minister Narendra Modi. He emphasized that the visit allowed the UK to capitalize on opportunities stemming from the Comprehensive Trade and Economic Agreement (CETA) established in July.

Starmer committed to creating further opportunities for British businesses in India following the “ambitious” Free Trade Agreement, ensuring trade will become “quicker, cheaper, and easier.” “With the backing of a 125-strong business delegation, we’ve fully embraced the opportunities offered by our trade agreement with India this week,” Starmer stated upon concluding his trip.

He further noted, “We’ve obtained new investments for the UK, resulting in 10,600 jobs nationwide in some of our most prosperous sectors. Our efforts in India have strengthened British business presence – opening new avenues and strengthening partnerships. Our proactive, confident approach is yielding tangible changes visible in communities throughout the nation.”

Significant investments from British companies highlighted by 10 Downing Street include Graphcore, a member of the SoftBank Group, planning to invest £1 billion in a new AI engineering campus in Bengaluru, creating 500 high-skilled jobs in the semiconductor sector. Additionally, UK fintech company Tide will invest £500 million in India over the next five years beginning in 2026 – boosting its workforce to 2,300 by adding 800 employees within 12 months. Revolut also intends to invest £500 million in its India operations over five years.

Meanwhile, Paysecure, a UK-based payment orchestration firm, aims to augment UK exports by £370 million over five years by facilitating “seamless payments” for UK businesses in India via integrations with major Indian banks and payment platforms.

“Concluding a two-day trade mission to Mumbai, the Prime Minister praised the reinforced, forward-looking UK-India partnership, aimed at boosting growth, creating jobs, and improving the livelihoods of diligent individuals,” noted Downing Street. “Numerous UK firms confirmed investments totaling £3.6 billion, amplifying their presence in India’s burgeoning economy, supporting thousands of British jobs, and fueling domestic growth,” it said.

This announcement followed a previous disclosure of 64 Indian investment projects in the UK valued at £1.3 billion, predicted to create 6,900 jobs across various industries. A £350 million contract to supply UK-manufactured missiles to the Indian Army is anticipated to create 700 jobs in Northern Ireland. Furthermore, Yash Raj Films’ pledge to produce three Bollywood films in the UK starting next year is expected to bring over 3,000 jobs to the country.

The two leaders expressed eagerness for the prompt ratification of the India–UK CETA to fully benefit from it, as mentioned in a joint statement issued post-discussions in Mumbai. The Prime Ministers also welcomed the reinstatement of the Joint Economic and Trade Committee (JETCO), which will facilitate the implementation of CETA and propel the broader trade and investment relationship forward. CETA, which seeks to double annual bilateral trade from an estimated £44.1 billion by 2030, is currently undergoing the UK parliamentary ratification process slated for completion by next year.