India-UK trade volume can double by 2015: UK Minister Vince Cable

COIMBATORE: The bilateral trade between Indian and the United Kingdom can be doubled by 2015 from the business done in 2010, Vince Cable, UK Secretary of State (Cabinet Minister) for Business, Innovation and Skills, said today.

"The bilateral trade between India and UK stood at 12 billion pounds in 2012 and we are looking at 15 to 20 per cent annual growth," Cable told reporters on the sidelines of an interaction with young entrepreneurs here.

While UK's exports to India have grown to 18 per cent in the current year, Indian exports to UK increased by about 10 per cent, he pointed out.

Stating that the potential for growth was very good, he said though UK was interested in free trade in services, but India was reluctant.

The government is offering a scheme where start-ups can avail loans of up to 10,000 pounds based on only the idea without providing any collateral, the Minister, who is leading a delegation of British businesses to the country, said, adding: "We are trying to make it easier for setting up business in UK."