‘Family support strong factor in Indian diaspora success’

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The number of Indian diasporas in the UK is now close to 1.7 million, according to reports, while the last census estimated it to be 1.5 million, reports Asian Lite News

A new study published in London found that the importance of family support, a determination to succeed in the face of all odds, a strong work ethic and optimism for the future are among the factors identified behind the success of diaspora Indians in the UK.

‘British India: The Diaspora Effect 2.0’, edited by Grant Thornton and the Federation of Indian Chambers of Commerce (FICCI) and published Friday at the High Commissioner for India in London, features a series of interviews with leading diaspora entrepreneurs. Experts who contributed to Indo-British relations.

The number of Indian diasporas in the UK is now close to 1.7 million, according to reports, while the last census estimated it to be 1.5 million.

At the inauguration ceremony in India, High Commissioner Gaitri Issar Kumar of India to the UK said: “The Diaspora is the heart of Indo-British relations, a bridge of steel and a living bridge warmly described by our esteemed Prime Minister.” House.

“As our government’s special envoy in London, it is my endeavor to strengthen these strong connections through outreach and engagement across the UK. We will work together to strengthen our superior ties at all levels,” he said.

Baron Usha Prashar, an Indian colleague who chairs the FICCI British Committee, stressed the role of youth in strengthening bilateral relations.

“Today, Diaspora Indians are one of the largest immigrant communities in the UK. Diaspora Indian youth play an essential role in innovation and new technologies at a global level. We must motivate them to devise innovative solutions to local problems in India,” she said.

The 2022 report builds on the first ‘Diaspora Effect’ report launched in 2020. The report identified around 654 diaspora-owned or diaspora-led companies across the UK with annual sales of GBP 100,000 or more.

According to the research at the time, these companies had an annual turnover of at least £36.84 billion and provided around 174,000 jobs.

Anuj Chande, Partner at Grant Thornton and Head of the South Asia Group, said, “With this follow-up report, we wanted to take a much more qualitative approach with cross-sections of the interview.

“As India becomes an increasingly important force globally and the UK expresses a desire to strengthen its long-standing relationship with India, the diaspora is perfectly positioned to strengthen ties between the two countries and continue to contribute to economic development. in,” he said.

‘Large diaspora can leverage FTA with India’

A report suggests that there is much interest in the 1.5 million-strong British Indian diaspora and others for a free trade agreement (FTA) with India, setting out many examples of individuals establishing and running large enterprises in Britain.

The post-Brexit United Kingdom is keen to have an FTA with India. Initial talks for the agreement have begun.

The report released in February 2020 estimated that there are at least 654 diaspora-owned companies in the UK with an annual turnover of £100,000 or more – excluding partnerships or sole traders – with combined revenues of £36.84 billion.

The largest employers – those with more than 1,000 employees – provide around 174,000 jobs. Together, the companies contributed more than £1 billion in corporation tax and invested some £2 billion through capital expenditure.

The figures do not include nearly 900 Indian companies based in Britain, but reflect those owned by generations of Indian-origin professionals, individuals and groups who migrated to Britain over the decades.

Chande said: “India is already an important partner for the UK, so an FTA is a natural next step to further strengthen the relationship. Current generations have been described as Britain’s best ambassadors in India and have a key role to play in attracting Indian investment into the UK and UK investment into India”.

The new report looks deeper into the dynamics of the diaspora’s contribution, exploring the sectors where their businesses are making a sizable impact and features a series of interviews with leading entrepreneurs, both those running established businesses and others breaking new ground.

It also sets out the geographical spread of the diaspora across the UK and explores its contribution beyond business, including some of the challenges diaspora entrepreneurs face.

The entrepreneurs are active in several sectors, the most popular being hospitality, healthcare and pharmaceuticals, retail, real estate and construction, food and beverage, technology and telecoms, and business services.

The first generation of migrants set up successful small and medium-scale businesses, often employing fellow community members. Many developed these businesses into successful, larger-scale ventures, such as Srichand and Gopichand Hinduja, Swraj Paul, Lakshmi Mittal, Karan Bilimoria, Kartar and Tej Lalvani, Mohsin and Zuber Issa, the Arora brothers and Kuljinder Bahia. Their lead has been taken forward by a large number of later generations.

The report identifies some common themes in the diaspora’s success stories: the importance of family support, the determination to succeed against all odds, a strong work ethic and optimism for the future.

Gaitri Issar Kumar said: “One of the key pillars of the strong relationship between India and the United Kingdom is the Indian diaspora – described as the ‘Living Bridge’ by Prime Minister Narendra Modi”.

“(This) community is valued for its outstanding contribution in every sphere of activity: academics, literature, arts, medicines, science, sports, industry, business, and politics, among others, which has been widely acknowledged with appreciation”, she added.

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