Employers, entrepreneurs and innovators from across the UK are this week aiming to make the most of post-Brexit growth opportunities and break into India’s giant market. Companies have jumped at the chance to boost exports at a time when Rachel Reeves is widely expected to hike taxes in November’s looming Budget.

The new UK-India trade deal is expected to boost wages in the UK by £2.2billion and increase Britain’s GDP by £4.8billion a year. The Prime Minister and 125 leading figures from business, academia and culture are taking part in an epic trade mission to Mumbai.

The deal signed in July lower tariffs on British goods exported to one of the fastest-growing economies in the world. Famous names including Rolls Royce and drinks giant Diageo will work alongside entrepreneurs to secure new business. Brexiteers hope the deal with India will be followed by an agreement to eliminate tariffs with the United States.

John Longworth, a veteran Brexiteer and chairman of the Independent Business Network, said Britain’s success at striking a deal with India is “confounding the naysayers and Rejoiners”.

“The future of trade is bright for the UK,” he said.

UK exports to India are expected to grow by nearly 60%, with bilateral trade increasing by £25.5billion a year. Sir Keir Starmer insisted the trade deal will lead to real benefits for Britons.

He said: “We signed a major trade deal with India in July – the best secured by any country – but the story doesn’t stop there. It’s not just a piece of paper, it’s a launchpad for growth. With India set to be the third biggest economy in the world by 2028, and trade with them about to become quicker and cheaper, the opportunities waiting to be seized are unparalleled.”

But Richard Tice, the deputy leader of Reform UK, warned that Sir Keir’s Government is causing serious harm to Britain’s economy.

He said: “The UK is being dragged down by punitive tax hikes, the highest energy prices in the world, and a maze of EU regulations we thought we’d left behind with Brexit.”

Urging a major change of direction to win a deal with the United States, Mr Tice said: “If this Government truly wants to secure prosperous trade deals, it must strengthen our partnership with the United States, scrap net zero, reverse the disastrous Chagos deal, and start incentivising real growth. It must not concede more immigration or freedom of movement as price for trade deals.”

International trade expert Shanker Singham urged the Government to push for a “full deal with the US which has zero tariffs”

He said: “If the UK improves its digital rules, its competition policy approach and its pharmaceutical and drug pricing regime, then it will not only be improving its own economy, but it will be helping secure a much needed deal with the US.”

The India deal will see the average tariff on UK products drop from 15% to 3%. Whisky producers have seen tariffs slashed immediately from 150% to 75%; these fill fall to 40% over the next 10 years.

Manchester Airport will launch a new direct route to Delhi, operated by IndiGo. This will make it the only city outside London with connections to both cities.

It is hoped this expansion will generate more than £50million in exports a year, plus £25million in tourism and 450 new jobs.

British Airways plans to introduce a third daily flight between Delhi and London Heathrow in 2026.

Sean Doyle, the airline’s chairman and chief executive, said: “Our ties with India were established over 100 years ago and today we have around 2,500 British Airways colleagues based there. We’ve been steadily increasing capacity between India and the UK over the years and we’re now operating 56 direct services from five Indian cities each week.”