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In the fiscal year 2011-2012 (first quarter), India’s economy (GDP) grew by 7.7%, down from 9.3% in the same period the previous year - marginally more than forecast. It was the weakest rate of growth in six quarters. Commenting on the figures, India’s Finance Minister said that the first quarter figures, “were disappointing.”

Despite the slowdown, India, one of the high-growth BRIC (Brazil, Russia, India and China) countries, expects their “middle classes to increase their household expenditure fourfold over the next twenty years.” As such investment in India remains a key target for UK exporters and investors, particularly Small and Medium Enterprises (SMEs).

The UK-India business relationship has been steadily upgraded since the Strategic Partnership of 2004. The visit of Prime Minister David Cameron, together with a large delegation, in July 2010, saw the relationship elevated to Enhanced Partnership for the Future status.

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