An Overview of UKIBC Synergies with Prime Minister Modi’s Vision of Viksit Bharat 2047
By Trisha Nagpal
KEY HIGHLIGHTS FROM PRIME MINISTER MODI’S SPEECH ON 79TH INDEPENDENCE DAY
The Indian Prime Minister stressed India’s vision for Viksit Bharat 2047, which aims to drive the Indian economy towards the $10 trillion mark by 2047. The key drivers for this mission are India’s self-reliance and innovation, to be achieved via Next-Generation Reforms across ease of doing business, taxation, and regulatory compliance, thereby positioning India as a major global growth engine, export hub, and a critical regional value chain link.
Specifically focusing on Ease of Doing Business & MSMEs, the Indian Prime Minister announced a “Task Force for Next-Generation Reforms.” The first meeting of the Task Force is scheduled for today (19th August 2025) under the PM’s chairmanship himself. The Task Force will look at simplifying laws, reducing compliance burdens, and creating a more supportive environment for startups and SMEs. This correlates well with the Indian government’s resolve to ensure a streamlined ecosystem for industry, including international businesses.
The government has already abolished over 40,000 unnecessary compliances and 1,500 outdated laws, and in the latest parliamentary session, over 280 provisions were also removed. For MSMEs, reforms are expected by Diwali 2025 (mid-October 2025), focusing on GST reforms, reduced taxes on essentials, and eased compliance, directly supporting small and medium-scale businesses.
The above aligns with UKIBC’s annual Ease of Doing Business submission to the Indian government. The submission, made every year around December, highlights the British industry’s assessment of India’s business environment – particularly areas which have improved, are improving, or need attention by the government or regulatory bodies for streamlining. The UK-India CETA also emphasises easing the business regulatory environment as an important area for UK and India to collaborate.
Moving forward, the Prime Minister focused on technology and innovation as strong pillars of India’s economic growth. Key priorities lie in areas such as semiconductors (with strong PLI support under Make in India), AI, cyber security, and deep-tech, with government backing. India will launch Made-inIndia semiconductor chips by the end of 2025, reflecting the nation’s growing strength in the critical technology sector.
For UKIBC, technology and collaborations across data and digital are pivotal. We have strong representation of British businesses in this sector, and the UKIBC annual technology conference – which witnesses strong participation from industry, government, and policymakers – stands as a testament to the growing importance of this sector.
In November 2024, at the second UKIBC Technology Conference, detailed conversations were also held on the UK-India Technology and Security Initiative (TSI), which focuses on collaboration in Critical and Emerging Technologies (CET) across priority sectors such as critical minerals, energy, and security cooperation.
Further, India’s climate action and energy commitments featured strongly in PM Modi’s speech, highlighting India’s achievements in energy security. According to the Prime Minister’s address at the Red Fort, India has already achieved its 2030 target of 50% clean energy by 2025. The country is advancing rapidly in renewables, hydrogen, and nuclear.
India is opening the nuclear sector to private players, creating unprecedented opportunities in energy and technology. During UKIBC’s recent interaction with the Ministry of New and Renewable Energy, possibilities of UK-India collaborations across offshore wind technology and energy solutions were explored. This is another area of focus which UKIBC looks forward to pursuing.
The PM also announced that a National Deepwater Exploration Mission will be launched to expand offshore oil & gas while scaling solar, EV, and hydrogen manufacturing. India has already met its 2030 renewable energy goals and is scaling up Mission Green Hydrogen. This reflects direct opportunities for UK companies in clean tech, hydrogen, nuclear partnerships, and green finance.
A strong emphasis was also placed on self-reliance in defence, especially in indigenous manufacturing. To take this initiative further, Mission Sudarshan Chakra has been launched to strengthen indigenous defence capabilities, moving beyond import dependence. UKIBC has a strong ADIG group which is continuously working with the Indian government to identify mutual collaboration opportunities and chart out scope for co-development and co-production in advanced defence technologies under its defence corridors.
Furthermore, the Indian government envisages its own human spaceflight and national space station, with over 300 startups innovating in satellites and space exploration. The PM announced India’s Gaganyaan mission on 15th August to advance this initiative.
UKIBC, as part of its strategic growth and alignment, is considering new avenues of engagement, with space and satellites as potential areas of collaboration.
As the next tranche of growth outlined by the Indian Prime Minister, the country will focus on strengthening its national chemical sector by developing indigenous capabilities in pharmaceuticals and medical devices. While we await the key outcomes of the first meeting of the Task Force on Next-Gen Reforms, it is notable that the above outlay of India’s priorities synergises well with UK interests and capabilities, paving the way for a smarter and thriving UK-India economic corridor.
