A new report reveals that Indian companies still make an important contribution to the UK economy. The report, titled India meets Britain Tracker 2017: The latest trends on Indian investment in the UK, published by Grant Thornton UK LLP in association with the Confederation of Indian Industry (CII), showed that the 55 fastest growing companies achieved an average annual growth rate of 31 per cent.
Companies from the technology and telecoms, and pharmaceuticals and chemicals sectors strongly featured in the India Tracker and made up 31 per cent and 24 per cent of the list respectively. As expected, London maintains its dominance as the leading destination for Indian investment in the UK. The analysis also found that in 2016, approximately 800 Indian companies were operating in the UK and recorded combined revenues of £47.5 billion, proof of the deep economic relationship between India and the UK. It was stated that the companies employ almost 110,000 employees in the UK, and last year had a combined capital expenditure of £4.25 billion.
Head of South Asia Group at Grant Thornton UK LLP, Anuj Chande said, “With around 800 Indian companies now operating in the UK, it is clear the UK remains a highly attractive destination for Indian investors. The Modi government's pro-business agenda is creating the right environment for Indian businesses to pursue and realise growth at home and overseas. With continued political stability and leadership on its reform programme, India is poised for significant economic growth and prosperity. Whilst it is still too early to predict what impact Brexit will have on the UK's attractiveness as an investment destination for Indian companies, the many advantages the UK can offer are not set to disappear.”
He added, “The UK government is also clearly keen to strengthen the UK's ties with India, and since the Brexit vote, a number of UK political representatives, including the Prime Minister, have made various visits to India with the hope that Brexit will open up a new free trade deal between the two countries.”
