GOING GLOBAL GOING GLOBAL


India has historically been a big economic power. Economic liberalisation introduced in 1991 has meant that India has become one of the fastest growing economies of the world. India’s economy continues to grow above


seven per cent with several Indian states expanding at over 10%, and according to the World Bank, it is the fastest growing economy in the world. India’s GDP is around US$2.2tn whilst the UK’s is US$2.9tn, although by some measures, India’s GDP has already overtaken that of the UK. For the first time in over 100 years, India stands as the world’s sixth-largest economy by GDP. This milestone is a symbol of India’s rapid


economic growth and, conversely, the U.K.’s post-Brexit slump. UK has about three per cent of India’s trade compared to about 70% at the time of independence in 1947.


LEADING ADVICE FROM THE INTERNATIONAL TRADE TEAM


India’s economic growth is good for the south west


Tony Parry (pictured), Specialist at Middleton Jones, outlines the attractiveness of India’s growing economy


India’s GDP growth at 7.2 per cent in 2017-18


is based on reforms, domestic consumption, and improvement in trade, but the World Bank has also noted that there were signs of a slowdown in early part of last fiscal period, but a favourable monsoon lifted the economy before being temporarily hit due to demonetisation. India’s economy will get a big boost from its approach to Global Sales Tax which will reduce the cost of doing business for firms, reducing logistical costs of moving goods across states, while ensuring no loss in equity. India could well move into the top three


economies in the world. India and the UK have a close relationship going back to the time of Queen Elizabeth I when, in 1612, Ambassador Sir Thomas Roe presented his credentials to Emperor Jehangir. Today, the Indian parliament is closely modelled on Westminster and Indian


Brits are to be found integrated in all strata of UK life. Literally millions of Indians fought alongside Britain in the two World Wars of the 20th Century. We must be ‘The Winning Partnership’, as Manoj Ladwa has said. Curry is now an authentic British cuisine. In


2001, the then British Foreign Secretary, Robin Cook, said that: “Chicken Tikka Massala is now a true British national dish, not only because it is the most popular, but because it is a perfect illustration of the way Britain absorbs and adapts external influences. Chicken Tikka is an Indian dish. The Massala sauce was added to satisfy the desire of British people to have their meat served in gravy.” It is time, fellow citizens of the south west,


that we lend a shoulder to the Indian drive into third spot in the world economic league. Sign up for the trip.


Are you already certified to ISO9001: 2008 and need to transition to ISO9001: 2015?


Remember the deadline for achieving this transition is September 2018!


So, don’t get left behind and run the very Real Risk of • Losing certification


• Creating problems of meeting contractual obligations with existing customers


• Not being able to capitalise on sales opportunities • Incurring cost of re‐certification


Contact us today to make sure you have a robust plan in place to achieve transition in time, and find out why the process should be treated as an Opportunity to refocus your business, and boost your strategic direction.


Professional, honest, integrity based advice for your business management systems.


t: 01392 790808 •m: 07889 590974 e: rob@coaction.solutions •w:www.coaction.solutions


September/October 2017 Chamber Profile 13


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