LONDON: Britain's trade sector is losing its market share in India despite an increase in bilateral commerce as more and more Indian companies are diversifying their trading partners, according to a new study.
The study, to be published in a report titled 'India-UK Trade and Investment Flows', was conducted by the Commonwealth Business Council and the UK-India Business Council (UKIBC).
The report identifies Saudi Arabia, Iran, Nigeria, Kuwait, Iraq, Singapore and Malaysia as the countries that have displaced UK's position in India.
The report, to be published tomorrow, provides an overview of Indian and UK economies, an analysis of trade in goods, services and investment flows and highlights the emerging sectors of importance.
The research covers trade in services; investment flows through tax-efficient routes such as Mauritius.
"This is an important piece of work which will help policy makers and UK businesses by assisting them in making the right decisions with regards to trading with India," Chief executive of UKIBC Sharon Bamford said.
"We, at the UKIBC, are dedicated to increasing trade and investment between the two countries and are confident that this report will be of use to our members and stakeholders."
The report notes that the UK is seriously disadvantaged in a number of sectors such as banking, insurance, legal, accounting and retail where India allows partial foreign investment.
"The good news is that these regulations have not stopped the UK companies from taking advantage of the opportunities in India, with Lord Philip Green's Arcadia Group reported to be the latest entrant into Indian retail sector by going into a partnership with Tata," Bamford added.
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