UK-India Business Surge: HSBC Reports Boom in Bilateral Transactions

In 2024, business activity between the UK and India significantly grew, with payments received by UK clients from India increasing by 121% according to HSBC UK. The UK's payments to India rose by 32%, highlighting a robust and expanding economic relationship. Free Trade Agreement negotiations are set to resume.

In an impressive economic development for 2024, business activity between the UK and India has surged, with payments from Indian clients to UK businesses rising by 121%, as per HSBC UK's latest data. This growth underscores a flourishing bilateral relationship fueled by mutual trade interests.

Specifically, over the first nine months of the year, payments made by UK clients to India increased by 32%, with Indian referrals to UK businesses up by 36%. Cora McLaren, Head of International Subsidiary Banking at HSBC UK, highlighted the vast opportunities for UK companies tapping into India's growing middle class and the country's role as a global hub for strategic business operations.

As both nations gear up for renewed Free Trade Agreement negotiations in 2025, following a commitment by Prime Ministers Keir Starmer and Narendra Modi, the economic ties are set to potentially strengthen even further, enhancing a trade relationship already valued at GBP 42 billion.

(With inputs from agencies.)