A new report released this month has found that Indian companies have a significant presence in the UK, and have continued to flourish over the years. The findings were revealed as part of India Meets Britain Tracker 2023, developed by the Confederation of Indian Industry. The tracker’s purpose is to identify the fastest-growing Indian companies in the UK and measure their year-on-year growth.
The tracker revealed that a record 954 Indian companies operating in the UK collectively registered a revenue of US$ 62 billion. Companies of Indian origin continued to thrive in the UK within a year of the Covid-19 panic subsiding globally only last year. The number of companies this year was up from 900 in 2022.
The research also identified that the 954 companies employed a total of 105,931 people. There was a slight dip in this aspect, compared to 118,033 people employed last year. However, more companies registered fast growth this year compared to 2022. The three fastest-growing companies that were identified are LT Foods International Ltd (807 per cent), St. James Court Hotel Ltd (491 percent), and Reliance Big Entertainment Ltd (364 per cent).
It also found that Indian companies in the UK paid a minimum of US$4 billion in corporation tax during the past decade. The tracker also released observations from the past 10 years during which ties between the two countries strengthened. Bilateral trade between the countries which was estimated at US$ 20 billiongrew to US$ 44 billion in 2022, and the number is estimated to increase two folds by 2030 courtesy the 2030 Roadmap for India-UK future relations, launched jointly by the countries in 2021.
“India and the UK are committed to a partnership that delivers for both countries. Our 2030 vision is for revitalised and dynamic connections between our people; re-energised trade, investment and technological collaboration that improves the lives and livelihoods of our citizens; enhanced defence and security cooperation that brings a more secure Indian Ocean Region and Indo-Pacific and India-UK leadership in climate, clean energy and health that acts as a global force for good,” a joint statement by the governments read.