U.K. and India to launch a Young Professionals Exchange in 2023

The United Kingdom is going to announce a new partnership with India as a Young Professionals Scheme at the G20 summit in Bali.

The Young Professionals Scheme:

• Under the scheme, the U.K will offer about 3,000 degree-holding Indians in the 18–30-year age group places to work in the U.K. for up to two years.
• The scheme will commence in early 2023. Both India and UK will allow young professionals in their Countries to hold degree programs.
• India is the first country to benefit from such a scheme, highlighting the strength of the UK-India Migration and Mobility Partnership agreed upon last year.
• Objective: The Young Professionals Programme is a recruitment initiative aiming to improve geographical representation, and promote gender parity in the Organization at the international level.

India-UK ties on Skill development:

• Education: Education is an important plank of the India-UK bilateral relationship. Over the last 10 years, the relationship has grown substantially with the introduction of bilateral mechanisms such as the India-UK Education Forum UK-India Education and Research Initiative (UKIERI).
• Indian Students: UK has traditionally been a favorite destination for international students. At present, there are approximately 20,000 Indian students pursuing Undergraduate and Postgraduate courses in the UK.

India-UK Bilateral Relations:

• On Trade:
  • The UK remained the sixth largest investor in India, with a cumulative investment of approximately USD 31.92 billion during FY 2000-22.
  • This constituted around 5.4% of the total Foreign Direct Investment (FDI) into India.’
  • India’s trade in goods and services with the UK amounted to USD 31.34 billion in FY 2022, as against USD 19.51 billion in 2015.
  • 618 UK Companies have been identified in India; they together employ approximately 66 lakh people and have a combined turnover of Rs.3, 634.9 billion.
• On Cultural Exchanges:
  • Cultural linkages between India and UK are deep and extensive, arising out of the shared history between the two countries.
  • There has been a gradual mainstreaming of Indian culture and absorption of Indian cuisine, cinema, languages, religion, philosophy, performing arts, etc.
• Indian Diaspora: The Indian Diaspora in the UK is one of the largest ethnic minority communities in the country, with the 2011 census recording approximately 1.5 million people of Indian origin in the UK equating to almost 1.8 percent of the population and contributing 6% of the country’s GDP.
• Geopolitical Significance - The Indian Ocean is identified as a vital arena for closer defense and security cooperation between the two countries. Further, India needs the UK’s support on international fora for its aim to have a permanent seat in the UNSC and full membership of NSG.

Other Government Initiatives to attract International students:

• HEFA (Higher Education Finance Agency) is a welcome step in providing finance to premier educational institutions for the creation of high-quality infrastructure and innovation ecosystems.
• Student Insurance Schemes: Contrary to popular opinion, a considerable chunk of students who study abroad is not from wealthy families; they take expensive loans to finance their education.
  • The aspiration to secure better exposure and the future can render them prone to difficulties.
  • A mandatory student insurance scheme as well as responsibility for the welfare of students in the foreign country should be incorporated into agreements to secure the interests of students who also spend considerably in the host country.