There are 635 companies incorporated in India, owned or controlled (directly or indirectly) from the UK, having a combined turnover of about Rs 4.9 lakh crore and employing around 6,66,992 people, according to the third edition of The Britain Meets India (BMI) 2023 Report.
The report, launched by Grant Thornton Bharat in partnership with the Confederation of Indian Industry (CII) and supported by the UK’s Department for Business and Trade (DBT), said that out of the 635 UK companies identified, 147 met the qualifying criteria to feature in the BMI Growth Tracker with a combined turnover of Rs 3.9 lakh crore.
“They achieved an average growth rate of 46 per cent. This year, 11 UK companies achieved triple-digit turnover growth rates. Business services (22 per cent) and industrial products (19 per cent) are the leading sectors amongst the fastest-growing companies in the growth tracker,” according to the report.
Pallavi Joshi Bakhru, partner and India-UK Corridor Leader of Grant Thornton Bharat, said, “With the India-UK FTA having the potential to further strengthen bilateral partnership and boost economic prosperity on both sides, the BMI report offers clean insights into the business camaraderie that exists between the two nations. The sectoral analysis of 635 UK companies found that technology is the most dominant sector this year.”
Bakhru added that India is a leading hub for GCCs for large UK retail giants due to its reputation for innovation, a large and skilled workforce of coders, engineers, and software developers. The government has improved infrastructure and made it easier to do business in India, further boosting the country’s appeal as a GCC hub.
Speaking at the report launch event, Alex Ellis, British High Commissioner to India, said, “Our dynamic business relationship supports more than half a million jobs across both countries. UK companies are also increasingly turning to India to sell their high-quality goods and services. India’s middle class is expected to reach nearly 250 million in 2050; this group will drive India’s consumer spending in healthcare, education and premium products, creating enormous opportunities for UK firms selling high quality, iconic brands and products.”
Deepak Shetty, CEO and managing director of JCB India and chairman of CII Infrastructure Council, said, “The 2023 edition of the report confirms that the UK-India economic partnership has only strengthened in the last few years. This has manifested in the trade and investment flows; and this growth highlights the significant potential of the India-UK relationship, especially in sectors like defence, infrastructure, climate and clean energy, particularly Hydrogen; along with health, technology and innovation.”
He added that an FTA would certainly provide a fillip to this already strong bond, and CII looks forward to the early completion of the negotiations. CII also welcomes initiatives to boost collaboration in fields such as science and innovation and ease professional and student mobility.
International Trade minister Nigel Huddleston said, “It is fantastic to see even more UK companies thriving in India this year, generating thousands of jobs and delivering significant growth for both our countries. 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.”
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