UK companies see huge opportunities in India in sectors like insurance and defence but there is a need to work further on improving ease of doing business here, the UK-India Business Council said today.
"Lot of progress has been made during the first year of Prime Minister Narendra Modi. Improvement is there in certain aspects of doing business in India. Lot of entities are exploring business opportunities here...(but) it is complicated market," Council's CEO Richard Heald told reporters here.
He said that significant opportunities exists in sectors such as defence, insurance and infrastructure for UK firms.
"We see lot of activities happening in India. The key thing is 'Make in India'. It is a tremendously good slogan. It gives direction and focuses on ease of doing business. It gives direction to open up markets," he said.
However, he said that businesses would only come when they see healthy returns and profitable business otherwise companies will not come and invest in India.
Speaking at the occasion, Deputy Director UK Trade and Investment (UKTI) - India Caroline Makepeace said that the first year of Modi government was "successful" and it is heading in the right direction.
"The first year of Prime Minister Modi was successful. We can see changes in business environment, we can see changes in political environment. They are heading in the right direction absolutely," she said.
She said that the UK is the largest G-20 investor into India.
She informed that a big business conclave is happening in September, where Indian and UK businesses would get opportunity to interact with each other.
Ministers, government officials, top industry leaders from sectors including automobile and defence would participate in that function.
Further representatives of UK-based apparel chain Marks & Spencer, BAE Systems and JCB said that they are doing good business in India and it is a key country for their growth.
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