The UK is 'very close' to signing a post-Brexit trade deal with India, according to a leading British-Indian businessman. Lord Bilimoria, a crossbench peer who founded the Cobra beer brand, said he had been told by senior Indian politicians that an agreement would soon be concluded. Britain has been in negotiations with India over a free trade agreement since early 2022, with Labour having relaunched stalled talks in February this year. The possibility of a trade deal with New Delhi has long been viewed as one of the bigger prizes of Britain's departure from the EU. Negotiations stumbled under the previous Tory government over demands for the UK to grant more visas to Indian workers as the price of an agreement. But, according to reports, India has now accepted the UK will only offer minor changes to visa rules. Piyush Goyal, India's commerce minister and chief trade negotiator, is meeting with Business and Trade Secretary Jonathan Reynolds in London today and tomorrow to continue talks. Lord Bilimoria revealed both Mr Goyal and Nirmala Sitharaman, India's finance minister, talked up the likelihood of an agreement when he met them last month. 'Both of them told me very, very clearly that we are very close to concluding this free trade agreement,' Lord Bilimoria told BBC Radio 4's Today programme. The peer, who is the UK chairman of the International Chamber of Commerce and a former president of the Confederation of British Industry, added: 'It's three years that these negotiations have been going on. 'And we're now, I think, very, very close to concluding it. We need to do this because India has already overtaken the UK and is now the fifth-largest economy in the world. 'Very soon it will be the third-largest economy in the world, by 2030. I say it will be the largest economy in the world by 2060. 'It's the fastest-growing major economy in the world with a 6 per cent plus growth rate. And, yet, India is only the 12th-largest trading partner of the UK with about $50billion of trade. 'We need to be doing much more with India and this free trade agreement, I think, will turbocharge and be a catalyst for growing trade, business and investment bilaterally both ways between our countries. 'I think we could double that $50billion to $100billion within five years.' According to Politico, the mobility chapter of the UK-India trade deal has been finalised in recent weeks. The new rules will lead to around 100 new visas for Indian workers each year, a UK official told the website. India had originally proposed larger quotas for professionals, particularly in sectors like IT and healthcare. Mr Goyal is expected to push the UK Government for carve-outs for Indian firms on carbon taxes on his trip to London this week. New Delhi is also hoping for concessions from Britain on Indian firms being able to claw back payments to the UK's state pension pot for those on short-stay visas. A Department for Business and Trade spokesperson said: 'This Government is committed to doing the right deal with India which will improve access for UK businesses, cut tariffs, and make trade cheaper and easier.' 'Talks have been ongoing since they were re-launched in February, and we will only sign a deal that is in the best interests of the British people and drives growth across the UK.