The release of this report comes at a time when India and the UK are in ongoing negotiations for a free trade agreement (FTA)…reports Asian Lite News
With a combined turnover of approximately Rs 4,88,840 crores there are 635 companies incorporated in India that are owned or controlled from the UK. These companies employ around 666,992 people, according to a report quoting the 2023 edition of the ‘Britain Meets India’ (BMI).
The report was launched in New Delhi on Sunday and is collated by Grant Thornton Bharat in partnership with the Confederation of Indian Industry (CII), supported by the UK government’s Department for Business and Trade (DBT).
The release of this report comes at a time when India and the UK are in ongoing negotiations for a free trade agreement (FTA). These negotiations are expected to significantly boost the bilateral trade partnership, which was estimated at around GBP 36 billion in 2022. Minister for International Trade Nigel Huddleston expressed his enthusiasm for the increasing number of UK companies thriving in India, generating jobs and contributing to the growth of both countries. He emphasized the importance of removing trade barriers and creating opportunities for British businesses in India and around the world.
Of the 635 UK companies, 68% are classified as micro, small, and medium enterprises (MSMEs), and 60% have their parent firm headquartered in London. The report also identified 147 companies that met the criteria to be featured in the ‘BMI Growth Tracker’. These companies achieved an average growth rate of 46%, with a combined turnover of Rs 3,923.9 billion.
The report highlights the dominance of the technology sector among the UK companies operating in India. India’s reputation for innovation, skilled workforce, and improved infrastructure have made it an attractive hub for Global Capability Centres (GCCs) of large UK retail giants, according to Pallavi Joshi Bakhru, Partner and India-UK Corridor Leader at Grant Thornton Bharat.
Alex Ellis, the British High Commissioner to India, emphasized the potential of India’s growing middle class, which is expected to reach nearly 250 million by 2050. This presents significant opportunities for UK firms to sell high-quality goods and services in sectors such as healthcare, education, and premium products. The report also highlights that 11 UK companies achieved triple-digit turnover growth rates in 2023, with business services and industrial products emerging as the leading sectors among the fastest-growing companies.
