IN BREXIT MODE
THE UK
MIDLANDS AND
MAHARASHTRA:
ENGINES OF
TECH GROWTH
BY JAMES BROKENSHIRE*
W
hen Indian Prime Minister
Narendra Modi and British Prime
Minister Theresa May signed the
India-UK Tech Partnership in April, they
put the enabling power of tech at the heart
of our bilateral relationship. The potential
that this partnership unlocks is unparalleled;
UK-India collaboration across AI/data, future
mobility, clean growth, and fi ntech will see
rapid growth powered by more than $400
million of joint research investment by 2021.
The Partnership will see us share knowledge,
collaborate on research, and create industry
partnerships.
I was in India this week to cement the
next step in that partnership – establishing
links between our regions. As the UK leaves
the EU, we have an opportunity to further
strengthen our thriving local economies,
support local business, and innovation growth
while encouraging inward investment that
can have a real impact on communities.
That’s why, alongside Sir John Peace,
Chairman of the Midlands Engine, and Andy
Street, Mayor of the West Midlands, I was
there to see fi rst-hand the scale of potential
between the Midlands and Maharashtra. Both
regions are at the cutting-edge of modern
engineering technology driving the future
UK fi nancing has
been a powerful
tool to support
India’s clean energy
deployment,
including £1.5 billion
from UK-based
investors in Green/
Masala Bonds issued
by Indian companies
through the London
Stock Exchange.
28 • Extraordinary and Plenipotentiary Diplomatist • Vol 6 • Issue 10 • Oct-Nov 2018, Noida
mobility revolution. Bharat Forge’s recent
investment in Motor Industry Research
Association and Jaguar Land-Rover’s in
Warwick Manufacturing Group, combine
the best talent, innovation, and commercial
opportunities.
In the UK, the Midlands attracted more
than 10,500 new highly skilled jobs this
year through FDI. It generates more than
13 percent of the UK’s Gross Value Add.
Maharashtra is also an engine of growth, with
a GSDP of over $330 billion for 2016-17 and
a population of more than 112 million. The
growth is local and it is right here that the
India-UK Tech Partnership matches the UK’s
economic devolution with India’s emerging
competitive federalism – other examples such
as the Northern Powerhouse - Karnataka AI/
data partnerships prove the principle.
But regional collaboration is just one
aspect of a wide-ranging partnership. Our
two nations are also embracing new ideas of
fi nancial technology – the future of global
fi nance. Britain is the world’s leading fi ntech
(fi nance and technology) centre, with over
1,600 fi ntech companies contributing over
£6.6 billion to the economy every year. In
India, the digital payments revolution has
captured the world’s attention. I’m delighted