“This Budget reflects the aspirations of a new India and a clear roadmap for the country to become a $5 trillion economy in the near future.
“Infrastructure, digital economy, water security, tackling pollution, electric vehicles, space sciences and health are some of the forward-looking themes in this budget which will unlock a myriad of business opportunities for UK businesses.
“We welcome the introduction of 100% foreign direct investment (FDI) in insurance intermediaries, the relaxation of local sourcing norms in single brand retail and the exemption of customs duty from import of defence equipment.
“The lowering of corporate tax rates from 30% to 25% for companies with a turnover up to £46 million (Rs 400 crore) is also a step in the right direction.
“We look forward to a further increase of FDI in the media, insurance and aviation sectors and the simplification of the Goods and Services Tax as announced by the Finance Minister.”