According to the Reuters report, the latest round of trade talks between India and UK has concluded without a deal.

The report quoting a British official said an agreement could not be finalised ahead of the upcoming Lok Sabha elections in India.

Both the countries have held stop-start talks over a FTA for two years. Both India and UK are slated to go for general elections in 2024.

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Prime Minister Narendra Modi will bid for a rare third term in a vote that is due by May, with the exact date yet to be announced.

"Neither side is walking away from talks," the report quoted a British official as saying.

The above official as per the report added: "We simply do not yet have what we need to finalise a deal that meets our joint ambitions."

Earlier this week Modi and British Prime Minister Rishi Sunak reaffirmed their commitment to securing a new trade deal, which British ministers have said will take time to get right.

"The UK has been crystal clear that we won't agree a deal until we reach ambitious outcomes on goods, services, and investment," the report quoted British official as having said.

Earlier this week India signed a free trade pact with a group of European nations - Switzerland, Norway, Iceland and Liechtenstein - committing to reduce tariffs, while New Delhi receives $100 billion in investments over the next 15 years.