618 UK companies had combined turnover of Rs.3,634.9bn in India
The UK accounts for 5.4% of the total FDI into India, with a cumulative investment of US$31.92 billion over 2000-22, according to a report by Grant Thornton Bharat
It has identified 618 UK companies in India which have a combined turnover of Rs.3,634.9 billion and employed approximately 4.66 lakh people.
Fifty-eight of these 618 companies featured in the report’s Growth Tracker, companies with turnover greater than Rs.500 million and 10% y-o-y growth, said Grant Thornton Bharat at the launch of second edition of Britain Meets India (BMI) Report 2022, in partnership with the Confederation of Indian Industry (CII), supported by the UK’s Department of International Trade (DIT).
These fast-growing UK companies achieved an average growth of 36.3%, which is a 10% jump from 2021 where fast-growing UK companies clocked an average growth rate of 26%.
Speaking at the report launch British High Commissioner Alexander Ellis said on 11 Aug 2022, “India has been one of the UK’s most important partners in the journey of 75 years.
“The ‘living bridge’ between our countries is set to transform into a stronger bond as we continue to fight the pandemic together and address the challenges to our security in both the physical and digital worlds.
“Our shared focus will be on strengthening the economic relationship between the two nations for a more secure and prosperous decade ahead,” said the Envoy.
“The report has highlighted several new emerging sectors and I hope we will derive qualitative outcomes that nurture opportunities for companies in India and the UK, noted CII Director General Chandrajit Banerjee.
“We continue to work closely with the governments and businesses on both sides and leverage the strengths of UK companies to deepen our trade relationship.”
“Trade between India and the UK is expected to double by 2030 from current levels, based on dynamic connections between people of both countries, investment in technology, diversification of global supply chains and overall ease of doing business.” said Vishesh C. Chandiok, CEO, Grant Thornton Bharat
“Grant Thornton firms in India and the UK have been helping companies in the corridor grow and expand for over three decades, we are now at a juncture where we have an opportunity for real change in the narrative.
“India can not only provide a growth platform for UK companies but can also help them become more competitive globally,” added Chandiok. fiinews.com
