Trade between the UK and India could double to £50 billion before the end of the decade, according to a joint report by Santander and the Indian High Commission. 

Bilateral trade rose by 48 per cent to £24bn between the two nations from 2016 to 2019, with trade in services also representing 82% of goods, up from 47% three years previously. 

With 10 per cent of UK companies now actively trading with India since 2016, the report forecasts this could double again over the next ten years.  

Its publication follows a five-day trade mission by Trade Secretary Liz Truss earlier this week, where major Indian companies announced their plans to create over 1,500 new jobs in the UK. 

India was also among the top five countries UK businesses wanted to secure a trade deal with in the aftermath of the withdrawal from the European Union. 

The findings are presented in The New Horizon of Trade Relations, an inaugural thought leadership report produced by Santander in partnership with the High Commission of India, The Federation of Indian Chambers of Commerce and Industry (FICCI), Sannam S4 and Taylor Wessing 

Gaitri Issar Kumar, High Commissioner of India to the UK said: “India and the UK are, today, committed to forging an Enhanced Trade Partnership aimed at achieving prosperity, generating jobs, developing skills and facilitating essential supplies for the benefit of both our peoples. We have identified our complementarities across the sectors – which offer both sides tremendous opportunities for a win-win outcome.”

John Carroll, Head of International and Transactional Banking, Santander UK added: “It is encouraging to see the UK more than doubling its exports to India across a number of sectors like pharmaceuticals, chemicals, electrical machinery and seafood over the last five years.

This strong momentum reflects the potential of this partnership as India continues on its high-growth trajectory in a post-Covid-19 world.”