UK PM Keir Starmer wraps India visit with AI, fintech investments into India
London (PTI): British Prime Minister Keir Starmer has said that he secured thousands of new jobs during his visit to India, with a range of UK companies confirming 3.6 billion pounds worth of investments across AI and fintech sectors.
Starmer, who concluded his Mumbai visit on Thursday after wide-ranging talks with Prime Minister Narendra Modi, said the visit had helped the UK seize the opportunities created by the Comprehensive Trade and Economic Agreement (CETA) signed in July.
He promised to open more doors for British businesses in India, following the "ambitious" Free Trade Agreement, which will lower tariffs and mean trade is “quicker, cheaper and easier”.
“Alongside a 125-strong business delegation, we have seized the opportunities created by our trade deal with India in full this week,” said Starmer, in a statement at the conclusion of his India visit.
“We’ve secured new investments into the UK, and created 10,600 jobs across the entire country, in some of our most thriving industries. And we’ve flown the flag for British business in India – opening doors and galvanising our partnerships. Our outward-looking and proud approach is delivering real change, which people will see in their communities up and down the country,” he said.
Some of the key investments by British companies highlighted by 10 Downing Street include Graphcore, part of the SoftBank Group, which will invest up to 1 billion pounds in a new AI engineering campus in Bengaluru, creating 500 high-skilled jobs in India’s semiconductor industry.
While UK fintech Tide will invest 500 million pounds in India over five years from 2026 – expanding its India workforce to 2,300 by adding 800 professionals in the next 12 months, Revolut is looking to spend 500 million pounds in its India business in the next five years.
Meanwhile, Paysecure, a UK-based payments orchestration company, aims to boost UK exports by 370 million pounds in five years by enabling "seamless payments" for UK businesses in India through integration with top Indian banks and payment gateways.
"Wrapping up a two-day trade mission to Mumbai, the Prime Minister has praised the strengthened, future-facing UK-India partnership, which will deliver for Britain by boosting growth, creating jobs and making hard-working people better off,” Downing Street said.
"A range of UK companies have confirmed 3.6 billion pounds worth of investments that will see them grow and expand into India’s super-economy – which will support thousands of British jobs and deliver growth at home,” it stated.
This followed an earlier announcement of 64 Indian investment projects worth 1.3 billion pounds expected to generate 6,900 new jobs across diverse sectors in the UK.
While a new 350 million pounds deal to deliver UK-manufactured missiles to the Indian Army is expected to create a further 700 jobs in Northern Ireland, Yash Raj Films’ commitment to make three new Bollywood films in the UK from next year is estimated to bring over 3,000 new jobs to the country from early next year.
Both leaders looked forward to the ratification of the India–UK CETA as early as possible to realise its benefits, reads the joint statement issued after Starmer-Modi talks in Mumbai.
The Prime Ministers also welcomed the re-setting of the Joint Economic and Trade Committee (JETCO), which will support the governance and utilisation of the CETA and drive forward our wider trade and investment partnership, it adds.
CETA, which targets a doubling of annual bilateral trade from an estimated 44.1 billion pounds by 2030, is undergoing a UK parliamentary ratification process that is expected to be completed by early next year.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Karnataka: Six men break into jewellery shop; loot gold, silver worth over Rs 40 lakh
Haveri (Karnataka) (PTI): Six unidentified men allegedly broke into a jewellery shop and decamped with gold and silver articles worth over Rs 40 lakh in this district in the wee hours of Saturday, police said.
The theft occurred at a jewellery shop in Chikkanshihosur village in Hanagal taluk of Haveri district between 1.45 am and 2.30 am, they said.
According to police, the six men, with their faces covered and wearing gloves, allegedly broke into the shop after midnight by cutting open both shutters.
After gaining entry, they covered three of the four CCTV cameras installed inside the shop and decamped with a safe locker. However, their act was recorded on one CCTV camera that was not covered.
Citing preliminary investigations, a senior police officer said 19 kg of silver items worth Rs 21 lakh and 219 grams of gold ornaments worth Rs 22 lakh were stolen from the shop.
A case of theft has been registered, he said.
“We have some clues about the vehicle used to transport the stolen jewellery, and efforts are underway to trace the vehicle and nab the suspects involved in the theft,” he added.
Further investigation is underway.
