In the last five years, Indian investment into the UK has grown more than four times and the number of Indian-owned companies operating in the UK have also gone in the past year from 850 to 900, according to a PTI report.
The 2022 ‘India Meets Britain Tracker’, which was launched on earlier this week on 5 May, revealed these companies had employed 141,005 people, up from 116,046 in 2021, and had earned total revenues of 54.4 billion pounds, also up from 50.8 billion pounds last year.
Lord Gerry Grimstone, Minister for Investment in the UK’s Department for International Trade (DIT), said, “India is a very special place, and its growth has been nothing short of remarkable.”
Adding that the "biggest deal is yet to come," Lord Grimstone added, “This growing, confident, outward looking India has benefited the world and certainly benefited the UK. Our relationship is defined by our peoples, our mutual investment and mutual trade. In the last five years, Indian investment into the UK has more than quadrupled and we calculate that it supports almost half a million jobs on our shores.”
'Exciting Opportunities for Businesses'
“The pandemic has created uniquely challenging economic circumstances over the past two years. Despite this, Indian businesses in the UK have succeeded in expanding their combined turnover and increasing the number of jobs they support,” said Gaitri Issar Kumar, Indian High Commissioner to the UK.
Most of the fastest-growing companies that have been mentioned in the 2022 Tracker are based in London (46 percent).
Technology and telecoms companies continue to dominate the Tracker, accounting for 35 percent of alll companies included.
This is followed by the pharmaceuticals and chemicals sector (27 percent) and engineering and manufacturing (14 percent).
“A free trade agreement, once concluded, would confirm the two nations as true partners. It paves the way for an enduring economic relationship that benefits the people of both countries and brings exciting opportunities for businesses in India and the UK for many years to come,” said Anuj Chande, Partner and Head of South Asia Business Group, Grant Thornton UK, as reported by PTI.
(With inputs from PTI)
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)