India to overtake UK's Economy in 10 years

Economic forecasts predict that India will overtake the UK and become the world’s fifth largest economy within the next 10 years, the third largest behind China and the USA by 2025 and the second largest economy after China by 2050. The number of Indian companies in the West Midlands in UK has doubled since 2006. This year saw the biggest deal of all—Tata’s acquisition of Jaguar and Land Rover, which made it the largest foreign investor in the region, employing over 13,000 staff. In a bid to forge more ties, an action plan has been put in place to seal new business and academic ties between the West Midlands and India.West Midland is part of the British Midlands region in the UK which is the branding of two UK government-funded Regional Development Agencies, Advantage West Midlands and East Midlands Development Agency, especially dedicated to attracting international businesses to the region.Two-way trade between the UK and India is today worth #8.7 billion per year and is growing by around 10% annually—a growth which West Midlands businesses are keen to tap into. Immigration minister and minister for the West Midlands, Liam Byrne, who launched the plan, noted that a priority for the Indian market has been set recognising the increasing desires and capabilities of Indian companies to expand their businesses globally. Over 30 Indian-owned businesses now operate in the region. Stokes Group was acquired by Mumbai-based Mahindra and Mahindra in 2006, a deal which safeguarded 285 jobs. A subsequent #5.6 million investment in the firm by an Indian automotive major has created a further 35 jobs. The investment was supported by a Selective Finance for Investment in England grant from Advantage West Midlands.

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