I've just returned from two weeks in India, travelling through Rajasthan before heading to Mumbai for the latest meeting of Terra Alliance, our international M&A network. Hosted by our Indian colleagues at Centrum Capital, the meeting brought together advisers from around the world.

It was my first visit to India in 25 years and, while much remains reassuringly familiar, the scale of change is extraordinary. The warmth of the people and the energy of the streets are much as I remember them. What has changed is the infrastructure, the technology and, perhaps most strikingly, the sense of ambition.

India is now a US$4 trillion economy, more than twice the size it was 15 years ago, and is expected to grow by around 7% this year. Coming from Europe, where we would be delighted with a fraction of that growth, it is difficult not to be impressed.

You can see the investment almost everywhere. New roads, airports and other infrastructure projects are transforming the country. What surprised me just as much was the digital connectivity. I scarcely encountered anyone without a mobile phone, and the networks were fast and reliable wherever we travelled. Bringing that level of connectivity to a country of 1.4 billion people is quite an achievement, with profound implications for the way people live and businesses operate.

India has some considerable advantages: a young population, an enormous domestic market and no shortage of entrepreneurial talent. Increasingly specialised capital is helping businesses turn those advantages into growth.

The discussions in Mumbai added a useful commercial perspective to what I had seen on my travels. Much time was spent assessing how India's growing confidence and capability is changing the direction of cross-border M&A.

For years, much of the international M&A story was about overseas companies buying into India for access to its domestic market. That remains important, but it is no longer the whole picture.

For a start, there is considerable scope for domestic consolidation. Many sectors remain fragmented, with large numbers of successful founder-owned businesses. As in the UK, succession is becoming an issue for some of these companies, creating opportunities for larger domestic groups and private equity investors.

The rationale for inbound investment is changing too. International buyers are increasingly interested in Indian businesses not simply for access to local customers, but for their technology, specialist skills and capabilities.

Perhaps the most interesting development, certainly from a UK perspective, is the growing appetite of Indian companies to acquire overseas. Indian businesses are looking beyond their domestic market for growth, distribution, brands and technology. This is not entirely new, but the scale and ambition of outbound investment are increasing. Recent deals such as Sun Pharma’s acquisition of Organon and Coforge’s acquisition of Encora illustrate the international ambitions of major Indian groups.

For those of us advising UK business owners, this matters. Indian companies are becoming an increasingly important part of the international buyer universe, and I suspect we will see many more of them appearing on UK target lists.

It is also a reminder of why we have invested so much time in building relationships through Terra Alliance. Knowing which overseas buyers are genuinely acquisitive, understanding their ambitions and having trusted advisers on the ground when opportunities arise is something no database can replicate.

India's ambition is to become a US$10tn country by 2047, the centenary of independence, and I wouldn't be inclined to bet against it.

India's international M&A story will increasingly be about Indian companies investing overseas, rather than simply foreign capital flowing into India. For UK business owners and their advisers, that is a development worth watching.

If you think India could be relevant to your investment plans, please contact Andrew Clegg on andrew.clegg@quercuscf.co.uk