Indian-owned cos in UK record strong growth
They have been more than doubled – from 19 billion pounds in 2014 to 50.5 billion pounds in 2023
With 9th round of negotiations on an India-UK FTA now complete, the latest research found that the number of Indian-owned companies operating in the UK remained at its highest level over the past 12 months despite businesses and economies worldwide still feeling the impact of the pandemic
London: Indian-owned companies operating in the UK have hit a record high of 954 this year, registering a significant increase over the previous year, according to the ‘India Meets Britain Tracker 2023'. The 2023 analysis, released here on Thursday evening, found the combined turnover of Indian-owned companies in Britain has more than doubled – from 19 billion pounds in 2014 to 50.5 billion pounds in 2023.
“We all agree that now we are on the cusp of something sensational and as a British government minister, I want to be a part of that,” said Lord Dominic Johnson, UK Minister for Investment in the Department for Business and Trade (DBT). “I want these two free democracies – India and the UK – who believe in the values of liberty and human endeavour to come together to truly, by our common partnership, create a stronger set of economies as one,” he said.
The Tracker, released annually by professional services firm Grant Thornton and the Confederation of Indian Industry (CII) to analyse the contribution of Indian businesses to the UK economy, marks its 10th edition this year. “Nobody seems to know that Indian companies are here in such numbers. I think we can do better with this. There is an opportunity for us to find verticals in which we can connect the two economies for joint opportunities in which Indian businesses come here to leverage opportunities and take finished products back into the Indian economy,” said Indian High Commissioner to the UK Vikram Doraiswami.
Doraiswami also called on UK companies to leverage opportunities on offer in smaller Indian cities and rural areas with a “considerable upsurge in demand”. With the ninth round of negotiations on an India-UK free trade agreement (FTA) now complete, the latest research found that the number of Indian-owned companies operating in the UK remained at its highest level over the past 12 months despite businesses and economies worldwide still feeling the impact of the pandemic.
“The increase in the number of companies compared to last year alone is remarkable, amidst ongoing operational challenges and rising costs. This increasing presence in the UK is reflective of the growing relationship between the two countries, with the past decade witnessing ever-deepening ties between India and the UK,” said Anuj Chande, Head of South Asia Business Group, Grant Thornton UK LLP.
Chande pointed out that bilateral trade between India and the UK has more than doubled from 16.4 billion pounds in 2013 to 35.9 billion pounds in 2022, which shows that the UK continues to have an attractive offering for Indian investors. “The significant Indian diaspora here is also believed to have encouraged more Indian companies to look at the UK as their natural home,” he added.
The research also identifies the fastest-growing Indian companies in the UK each year, measured by those with a turnover of more than 5 million pounds, year-on-year revenue growth of at least 10 per cent and a minimum two-year track record in the UK. Of the 954 companies, 79 met the qualifying criteria – more than double that of the 37 in 2022.
