Message from Niall Ahern | First Secretary - Trade
The UK remains the ninth largest manufacturing nation in the world with an annual output close to £192 billion and employing over 2.7 million people in the sector. Britain, the birthplace of the industrial revolution is ushering in a new modern era of revolution with disruptive technologies in the fields of automation, 3D printing, IoT, Virtual Reality and Artificial Intelligence. All of these will help boost productivity, streamline production and allow businesses to become more creative. By 2025, these disruptive technologies are forecasted to create up to £2.7 trillion value in productivity worldwide, according to the World Economic Forum.
The Indian manufacturing sector is forecast to be worth approximately £750 billion by 2025, rivalling China and the US as one of the world’s largest manufacturing sectors. To assist India with getting there, the UK is ideally placed to partner and collaborate in this sector.
UK exports to India are projected for steady growth in the year’s following Covid. Exports will be buoyed by India’s large and growing economy, large investment in the manufacturing sector and supported by Government of India initiatives such as ‘Make in India’. To further support the sector, the government of India launched a Production Linked Incentive (PLI) scheme in December 2020 with a total outlay of INR 2 trillion, to encourage Indian and overseas companies to invest in the market.
India’s ambitious plans for growth in the manufacturing sector represents a significant opportunity for UK companies in the manufacturing and engineering supply chain, including materials and a range of components.
As a UK company, if you are interested in the Indian market, the Department of International Trade (DIT) can support your plans. DIT has been working with UK companies in the manufacturing and engineering supply chain to successfully enter and grow their business in India.
Rotolok Valves is one of the leading manufacturers and suppliers of Rotary Valves and Materials Handling Equipment for process industries. It was founded in 1973, and is based in Devon, UK. DIT supported the company through introductions, partnerships and local knowledge to establish a new manufacturing facility near Chennai.
DIT also works closely with Spirax-Sarco India, which is a wholly-owned subsidiary within the Spirax-Sarco Engineering group based in the UK. The company has set up a state-of-the-art manufacturing facility in Chennai to manufacture steam equipment and accessories. Like the example above, DIT was able to support the company from start to finish.
If you are a UK company, and you are interested in exploring growing opportunities in the Indian market, my team and I would be pleased to work with you to support your plans. If you are a UK company with an International Technology Roadmap that includes India, please contact us, my team and I would be pleased to support your plans.
I look forward to working with many of you.
