These statistics were discussed at the review of the Indo-British partnership (IBP) today. Jamshed Irani, managing director of Tata Iron and Steel Company (Tisco) and co-chairman of IBP, said 1996 was the peak year for Indo-British trade and progress has not been as fast since then. He attributed this to the general slackening in industry all over India. "If exports suffer, imports will also suffer," he said.

Terence Harrison, co-chairman of IBP, said although trade between the two countries had dropped, British investment in India was prospering and estimated at well over 3 billion pound sterling.

He identified six sectors for British investment: environment technology, food processing,advanced manufacturing, mining, education and training, and healthcare. The British Education Fair this year recorded 2,500 visitors as against 1,500 last year. The fair is touring Delhi, Pune, Ahmedabad, and Calcutta, apart from Mumbai.

In view of the disinvestment programme to be undertaken by the government, Harrison expected financial services also be a major area of interest starting early next year.