Companies from the UK want to invest more in India and would like to see some liberalisation around insurance, food retailing on pan state basis which will allow them to benefit more, said Richard Heald, CEO, United Kingdom-India Business Council (UKIBC).

"Taxation remains an issue in India. However, digitisation is coming in but people are looking at consistency of application," Heald said.

The (UKIBC) Ease of Doing Business Report, released on Tuesday, highlights that UK businesses’ perceptions of corruption as a barrier to operating in India has halved since 2015. Another key finding was that a remarkable 46 percent of UK Businesses responding had plans to expand their investments in India in the next 12 months.

On foreign direct investment (FDI), he said, “We have not seen the rollout FDI in a way that the government hoped when it introduced liberalisation.”