Business between India and the UK has surged in 2024, as firms in both nations anticipate the finalization of a free trade agreement. HSBC data highlights significant growth in business referrals and financial transactions, with expectations high that the trade deal will boost bilateral trade further.

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• India-UK business saw a 36% increase in client referrals to the UK by HSBC’s Indian arm in 2024.
• Payments from India to the UK climbed by 121%, while UK-to-India payments rose by 32%.
• The growth is attributed to strong anticipation of a UK-India free trade agreement, expected to be finalized in early 2025.
• Despite delays in negotiations, there is growing confidence in the deal, which has been under discussion since 2020.
• Prime Minister Keir Starmer of the UK is keen to present the country as an attractive destination for international investment.
• HSBC’s UK arm has played a significant role in driving business growth, supporting Indian companies entering the UK market.
• The bank’s data shows a growing trend of Indian firms seeking to establish subsidiaries, set up companies, or make acquisitions in the UK.
• The India-UK trade agreement could unlock significant economic potential, spurring further investment and business collaboration.
• The UK government plans to restart negotiations in January 2025, hoping for a deal soon after.
• Both countries remain committed to securing the trade deal despite political changes and delays.