The recently signed Free Trade Agreement (FTA) between the United Kingdom and India marks a major milestone in the strategic partnership between the two nations and is expected to significantly expand bilateral trade, stated Ms. Halima Holland, British Deputy High Commissioner, while addressing the 189th Chamber Day of the Madras Chamber of Commerce and Industry (MCCI) in Chennai, where she was the Guest of Honour.
Ms. Holland noted that the FTA offers immense opportunities for India, particularly since 90% of Indian goods will enjoy free access to the UK market. “This agreement will be a huge boost to Indian SMEs,” she said, adding that UK–India trade continues to demonstrate agility and mutual benefit. British companies, she observed, can bring cutting-edge technology and collaborate with Indian firms across sectors including research and development, advanced manufacturing, sustainability, fintech, and clean energy.
“Our trade and investment team in India is fully equipped to support Indian companies seeking partnerships with UK businesses. In particular, London and Manchester present strong opportunities for collaboration in financial services,” Ms. Holland added.
The event’s Chief Guest, Mr. T. K. Balaji, Chairman and Managing Director, Lucas TVS Ltd, delivered an insightful address highlighting the current trends and future pathways for Indian enterprises to achieve greater global success. He commended MCCI for its remarkable contributions over its 189-year journey and wished the Chamber continued success in its future endeavours.
According to Mr. Balaji, achieving the Prime Minister’s vision of making India a developed nation by 2047 will require a strong focus on scaling operations and increasing investments in R&D. “India is already ahead of many nations, and our government is moving faster than industry in several areas,” he observed. “As the fourth-largest economy in the world, it is imperative that we continue to improve the standard of living of our people.”
Mr. Balaji also lauded the State of Tamil Nadu for achieving an impressive 11% GDP growth, compared to the national average of 6.5%. “Tamil Nadu stands out as the only state to have achieved significant growth across all key sectors—manufacturing, automobiles, renewable energy—and continues to make a substantial contribution to the country’s GDP,” he said.
Reflecting on his recent visit to China, Mr. Balaji discussed the contrasting approaches of India and China towards industrial scaling and investment. “China is nearly a decade ahead of India in technology and capital deployment,” he remarked. “Chinese companies believe in making massive upfront investments without expecting immediate returns, and that mindset has driven their long-term success.”
On the electric vehicle (EV) front, he noted that China has already emerged as a global powerhouse, producing the highest number of electric two-wheelers and cars. Recalling his visit to a major lithium ion battery manufacturing facility there, he pointed out that “massive early investments” were key to their success in the EV ecosystem.
Stressing the importance of quality, Mr. Balaji urged Indian manufacturers to ensure their products are globally accepted. “Quality must be seen as non-negotiable. We must focus on next-generation technologies, product longevity, and global competitiveness,” he emphasised.
On this special occasion, Mr. Balaji launched MCCI’s 190th Year logo, marking the beginning of a new milestone year for the Chamber. The event witnessed enthusiastic participation from members, industry representatives, and dignitaries.
Earlier, Mr. Ramkumar Shankar, President, MCCI, welcomed the gathering and elaborated on the Chamber’s ongoing initiatives aligned with both central and state government objectives. In his concluding remarks, Mr. A. Viswanathan, Vice President, MCCI, thanked the dignitaries for their valuable insights and extended appreciation to Mrs. K. Saraswati, Secretary General, MCCI, and the Chamber staff for their efforts in organising the event.