New banking data reveals ’huge’ leap within India business corridor

London, Dec 17 Business activity between the UK and India has flourished in 2024 as the value of payments received by clients in Britain from India rose by 121 per cent, according to the latest data released by HSBC UK. In the nine months to October 2024, the value of payments made by HSBC UK business clients to India reportedly rose by 32 per cent and the bank received 36 per cent more new business client referrals from HSBC India year-on-year. “Our data shows that business between the UK and India is not only strong, it’s getting even stronger, and the opportunities for expanding businesses in India are huge,” said Cora McLaren, Head of International Subsidiary Banking at HSBC UK. “We very much welcome the renewed commitment made by both Prime Ministers at G20 and the intention to restart FTA negotiations early in 2025,” said Richard McCallum, Group CEO of the UK India Business Council. In the UKIBC's view, sustained business reforms and geopolitical factors make India a highly attractive investment destination, source of goods and services, and strategic supply chain partner for UK business across sectors,” he said.