NEW DELHI, Nov 23: India's balance of trade with the United Kingdom is projected at an adverse 103.7 million US dollars with the former's exports to the latter falling short of its imports till October-end last year, the latest available Indo-UK trade statistics have shown.

Indian exports to the UK from January to October 1996 was 1.36 billion dollars as compared to UK's exports to India which stood at 1.46 billion dollars during the period.

In the previous year India's exports to the UK stood at 1.43 billion dollars against the UK's exports to India which was 1.68 billion dollars.

While the UK's exports to India were up 8.3 per cent in the first 10 months of 1996 over the same period in 1995, Indian exports to the UK were up 14 per cent during the comparative periods.

The trade statistics also show that the UK has emerged as the largest overall investor in India at three billion dollars but is still in second place after the in terms of investments made since 1991, when the liberalisation process began.

The investment approvals of the UK in India in the first 10 months of 1996 amounted to 377.9 million dollars and actual inflows till august 1996 was 34.6 million dollars.

In the previous year the investment approvals were 493.1 million dollars and inflows were only 49.9 million dollars which worked out 2.7 per cent of the total commitments.

The trade statistics show that 14 British companies have long standing commitments in India, including ICI, Glaxo, Coats Viyella, Rolls Royce, Cadbury, British Aerospace, British Airways, BAT and Smithkline Beecham.

Since the liberalisation process in 1991, 13 more companies have entered India, including British Gas, National Power, British Telecom, Powergen, Coopers Lybrand.

Other interesting facets of Indo-UK trade were: the number of expatriate businessmen resident in India had more than doubled since 1993, number of British business visitors to the Indian high commission increased five times since 1992, number of enquiries from UK companies was six times higher than 1991-92.

Some 141 UK-India collaborations were forged in the first 10 months of 1996 as compared to 202 in 1995 and 193 in 1994.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.