India is moving from a model where foreign technologies are adapted and then manufactured locally, to a scenario where technologies are developed in the country as part of the ‘Make in India’ initiative.
“India has recognised that it is important to nurture, incubate, fund, commercialise and scale innovations for growth,” said British Deputy High Commissioner Dominic McAllister, while addressing a meet on ‘Advanced Manufacturing and Innovation’ here.Partnership
“We (the UK and India) can do this together. There are real opportunities to create new partnerships in a number of areas in the manufacturing sector, especially aerospace. The UK is a favourable place for Indian companies with centres of excellence in manufacturing, technology science and innovation across the country,” McAllister said.
The UK provides a business-friendly atmosphere with the lowest corporation tax rate among G20 countries and funding opportunities, making it an attractive destination for Indian manufacturing companies like the Tata group.
“The UK-India Manufacturing Week aims to provide a platform to inspire similar collaborations between companies and institutions from both countries,” he said.UK delegation
The British Deputy High Commission in Bengaluru conducted the conference in partnership with the Institution of Engineering and Technology (IET) UK as part of the UK-India Manufacturing Week.
A delegation of UK companies, researchers and technology bodies visited Bengaluru on Thursday and Friday to increase collaboration between the UK and India in automotive, aerospace and defence sectors.