WIREDGOV

£3 billion opportunity for Scottish businesses.

Scotland and India’s trading partnership could be worth more than £3 billion a year by 2030 – up by more than a half on current levels – according to a new report.

It highlights four high-growth sectors where Scotland's specialist strengths can capitalise on the UK-India Comprehensive Economic and Trade Agreement which came into force earlier this month:

• technology and digital services (worth up to £2 billion)
• energy transition (worth £520 million)
• food and drink (worth £500 million)
• life sciences (worth £400 million).

The Scotland-India Strategic Market Insight report, commissioned by the Scottish Government and produced by the UK India Business Council, sets out India’s distinct state market system.

Maharashtra suits financial services and corporate partnerships, Telangana offers the strongest base for life sciences and AI while Karnataka and Tamil Nadu serve technology and advanced manufacturing. Gujarat, which will host the Centenary Commonwealth Games in 2030, leads on energy and manufacturing.

As part of a day of activity marking the handover of the Commonwealth Games 2030 to India and celebrating the connections between Scotland and India, Economy Secretary Stephen Flynn launched the report at Team Scotland House, Glasgow. He was joined by representatives of the UK India Business Council, along with the Consulate General of India in Edinburgh and businesses from India and Scotland.

Economy Secretary Stephen Flynn said:

"India is not one market but many, with huge opportunities across a range of sectors.

“As Scotland hands over the Commonwealth Games baton to India, and with the UK-India Comprehensive Economic and Trade Agreement in place, there is no better time to look at ways we can further strengthen economic ties between the two countries.

“This report gives Scottish businesses the precision they need to find new opportunities, particularly in growth areas such as technology, food and drink and the environment. The conditions have never been better for Scottish companies to convert their world-class expertise into lasting commercial partnerships across India."

Group CEO of the UK-India Business Council Dr. Kishore Jayaraman said:

"The Scotland-India Strategic Market Insight report demonstrates the scale of opportunity available to Scottish businesses across India’s dynamic state markets.

"As India prepares to host the 2030 Commonwealth Games in Gujarat, it marks an important moment to build on the strong and growing trade, investment and innovation partnership between our countries."

Background

https://www.gov.scot/isbn/9781807753948