UK PM Starmer in India to Boost Trade, FinTech, and Innovation Ties

Key Takeaways

• UK Prime Minister Keir Starmer is in India with a 125-strong business delegation to promote trade, investment, and innovation under the India–UK FTA.

• The agreement reduces tariffs on key goods and expands market access, expected to boost trade, jobs, and consumer benefits in both countries.

• Collaboration extends beyond goods to services, digital trade, fintech, education, defence, and regulatory alignment, with both governments aiming to implement the deal within a year.

United Kingdom Prime Minister Keir Starmer has arrived in India with a sprawling delegation of leading British CEOs, entrepreneurs, and university vice-chancellors on a visit his government says is intended to “turbocharge” trade between the countries.

The visit strategically coincides with the Global FinTech Fest 2025 in Mumbai, where the UK has established a prominent pavilion showcasing British FinTech innovation under the Department of Business and Trade.

The two-day trade mission to India, which began in Mumbai on Wednesday, is intended to promote trade and business opportunities between India and the UK- the world’s fifth and sixth largest economies, respectively as both countries seek to realign their trading relationships in the wake of stiff tariffs imposed by United States President Donald Trump’s administration.

Launchpad for Growth

On arrival, Starmer said he wanted the FTA implemented “as soon as humanly possible”. The agreement- sealed during PM Modi’s July visit to London- will slash tariffs on goods from textiles to Scotch whisky and open wider market access. 

“It provides huge opportunities,” he told delegates, adding that he had asked his team to put the deal into effect “as quickly as humanly possible”. “Opportunities are already opening up…our job is to make it easier for you to seize them,” he said.

India’s PM Narendra Modi echoed the upbeat tone. In Mumbai, Modi stated that the pact will reduce import costs and enhance trade, allowing “new employment opportunities” to flow to the youth and industries in both countries. He noted that Starmer’s visit- with a record 125-strong UK business delegation- and the rapid conclusion of the deal “is a symbol of the new vigour in India-UK partnership.”

Both Prime Ministers delivered keynote addresses at the Global FinTech Fest 2025, the world's largest fintech gathering, which brought together over 100,000 attendees from more than 100 countries at Mumbai's Jio World Centre.

Tariff Cuts & Big Gains

The FTA reduces tariffs on key products, including textiles, automobiles, cosmetics, and Scotch whisky, while expanding market access for businesses in both countries. 

Analysts say the economic boost is significant. The UK government projects that the deal could add approximately £4.8 billion to UK GDP each year and increase exports to India by nearly 60%.

Consumers on both sides stand to gain, as cheaper Indian garments, footwear, and food will give UK shoppers more choices. In contrast, Indian businesses will have access to more affordable cars, cosmetics, and medical devices. Current bilateral trade is approximately $54.8 billion and supports over 600,000 jobs in both countries —figures that could grow sharply under the new deal.

Beyond Tariffs

Both leaders are stressing gains beyond just goods. Starmer announced a pact between the British Film Institute and India’s NFDC to boost movie co-productions. After touring Mumbai’s Yash Raj Studios, he quipped, “Bollywood is back in Britain,” noting three Bollywood films will shoot in the UK next year, a sign that culture and jobs go hand-in-hand. 

The FinTech collaboration is already bearing fruit, with UK digital finance leader Revolut announcing its India launch during the Global FinTech Fest, targeting 20 million customers by 2030 with a $670 million investment over five years.

The London-based company has obtained regulatory approvals from the Reserve Bank of India. It will offer UPI-integrated services, in addition to Visa cards, exemplifying how British FinTech firms are actively expanding into the Indian market under the regulatory alignment fostered by the FTA. Revolut's entry underscores the momentum in UK-India FinTech ties, with the company investing over £40 million to localize its technology for India's data sovereignty requirements—the only market globally where it has undertaken such measures. The platform will initially serve 3,50,000 waitlisted customers before expanding to target India's "aspirational youth" demographic.

The trade mission also highlights collaboration in fintech, education, technology innovation, and regulatory harmonization, reflecting a broad agenda of shared growth.

Experts note that the FTA is broad, covering not just goods but also services, digital trade, procurement, and even labor and environmental standards. There are also chapters on regulatory cooperation. 

For example, both governments agreed to align sanitary and technical standards and to use a modern dispute-settlement process- steps that give companies more certainty in cross-border trade. The deal even locks in a social security pact, so that UK and Indian professionals posted abroad pay contributions only at home, cutting costs for employers & staff. 

Looking Ahead

India and the UK are now moving fast to ratify and implement the pact. Both governments aim to bring the FTA into force within approximately a year. 

Starmer and Modi will meet again on Thursday to press the momentum, underscoring that “the story doesn’t stop” with the signature. They have set an ambitious goal - some sources estimate that this deal could double India-UK trade by 2030. 

The Global FinTech Fest, running concurrent with the visit, serves as a powerful symbol of the deepening UK-India FinTech partnership, with British companies showcasing cutting-edge financial technologies through the UK pavilion to Indian partners and regulators. This positioning aligns with the UK's status as Europe's leading FinTech hub, home to 44% of the continent's FinTech unicorns.

On the ground, dozens of executives —from Rolls-Royce and BP to Diageo and Tata —are already scouting deals under the new terms. The prevailing mood in Mumbai was upbeat: the UK-India FTA is being treated as the foundation for deeper ties, promising a surge in trade, investment, and innovation between the two economies.

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