Keir Starmer’s first visit to India was a chance to talk about trade, technology and a closer relationship. The UK prime minister said he was impressed by the country’s “sheer scale” and impressive economic growth.
He may be fairly envious of that growth which, at 7.8% for the first quarter of the year, is several times higher than the UK’s. The country is projected to become the world’s third-largest economy by 2030, with an estimated GDP of US$7.3 trillion (£5.5 trillion). Starmer may also have noticed that one of India’s biggest economic successes is in the burgeoning sector of financial technology, where it is in direct competition with the UK.
Commonly referred to as “fintech”, financial technology involves digital tools and software which make things like banking and investing more efficient and accessible. For years, London has been celebrated as a global hub.
