635 UK cos employ over 660,000 in India

London: There are 635 companies incorporated in India that are owned or controlled from the UK with a combined turnover of approximately Rs 4,88,840 crores and employing around 666,992 people, according to the 2023 edition of ‘Britain Meets India’ (BMI) report. The third edition of the annual report, collated by Grant Thornton Bharat in partnership with the Confederation of Indian Industry (CII) and supported by the UK government’s Department for Business and Trade (DBT), was launched in New Delhi on Sunday. It comes as the 13th round of free trade agreement (FTA) negotiations are ongoing between India and the UK, expected to significantly boost the bilateral trade partnership estimated at around GBP 36 billion in 2022. “It’s fantastic to see even more UK companies thriving in India this year, generating thousands of jobs and delivering significant growth for both our countries,” said UK Minister for International Trade Nigel Huddleston, in a message for the report launch. “By unlocking barriers to trade and making it easier to sell abroad, we are generating even more opportunities for British businesses in India – which is expected to become the third largest economy by 2035 – and around the world,” he said.