The India-UK bilateral relations will touch a new high in the post-Covid-19 world, Britain Meets India report has noted, mapping the fastest growing British investments in India developed and published jointly by CII and Grant Thornton Bharat.
The Report was launched by HE Gaitri Issar Kumar, High Commissioner of India to UK, HE Alex Ellis CMG, High Commissioner of UK to India, Mr. Sandeep Chakravorty, Joint Secretary (Western Europe), Ministry of External Affairs, Government of India, Mr. Sanjiv Bajaj, Vice President, CII, Vishesh C Chandiok, CEO, Grant Thornton Bharat and Lord Karan Bilimoria, President, CBI in the presence of over 300 dignitaries, industry and government representatives from UK and India.
It includes UK-owned corporates with operations headquartered or with a significant base in India, with turnover of more than £5 million, year-on-year revenue growth of at least 10% and a minimum two-year track record in India. The Tracker also highlights the top Indian employers – companies that employ more than 1,000 people in India.
HE Gaitri Issar Kumar, High Commissioner of India to UK, said, “The insights from this report will highlight successful collaborations, key complementarities as well as areas of potential. This will give confidence to future UK investors who are looking for a secure footing as they partner with India. The governments of both India and the UK are committed to an enhanced trade partnership. We are developing a roadmap to a free trade agreement with an ambitious target of 100 billion pounds by 2030.”
As the UK leaves the EU and inches closer to its discussion on the Enhanced Trade Partnership with India, the launch of this report therefore will be a strong marker of the India-UK economic relationship. It will also be an opportunity to highlight the role of British investments in India and attract future investors to make India as a choice of business destination.
Mr. Sandeep Chakravorty, Joint Secretary (Western Europe), Ministry of External Affairs, GoI, said, “Besides a free trade agreement, mobility and an interim trade deal, we are working on a 10-year 360 degree roadmap to strengthen our relationship with the UK. Going forward, we see investments in India’s clean energy sector coming from the UK.”
Presenting the report findings at the launch of the first ever BMI Tracker report, Pallavi Joshi Bakhru, Partner and India-UK Corridor Leader, Grant Thornton Bharat LLP said, “Our research identified 572 UK companies in India with a combined turnover of around INR 3,390 billion, tax payment of around INR 173 billion and employing 416,121 people directly. This reflects the important contribution made by the UK companies to the Indian economy as a key ally in India’s growth story.”
Mr. Sanjiv Bajaj, Vice President, CII and Chairman & MD, Bajaj Finserv Ltd remarked while launching the report, “As we prepare to welcome the UK Prime Minister Rt Hon Boris Johnson to India, our Hon’ble Minister of Commerce & Industry, Sh Piyush Goyal and the UK Secretary of State, Elizabeth Truss, supported by Indian and UK industry, are very keen on increasing bilateral trade and investment as also make progress on the enhanced trade partnership between India and UK. With UK exiting European Union and signing the trade agreement it has made it inevitable for India and UK to cement its bilateral economic partnership further. The UK and India are among the largest investors in each other’s economies. UK stands as the 6th largest inward investor in India, ranking third among the G20 countries, and accounting for nearly 6% of all inward investment into India for the period April 2000 – March 2020. Eventhough we have these indicative figures suggesting roughly the landscape of investment, it was absolutely necessary to analyse and present a baseline for British Investments in India.”
Highlighting the importance and timing of the report, Mr. Chandrajit Banerjee, Director General, CII said, “The year 2021, is a year for economic recovery and a year that we very much hope will bring the much-awaited Enhanced Trade Partnership Agreement between India and UK to fruition. Year 2021 is an important year for the CII as it completes its 40thyear of operations in the UK. CII representative office in the UK is the oldest international office in the CII network.”
