Skip to content
Search

Latest Stories

Indian firms ‘register revenue and job growth in UK’

Indian firms ‘register revenue and job growth in UK’

THE NUMBER of Indian-owned companies operating in the UK grew in the past year, up from 850 to 900, with a corresponding hike in revenues and job creation figures, according to the latest research released in London.

The 2022 India Meets Britain Tracker, launched on Thursday (5), revealed these companies employed 141,005 people, up from 116,046 in 2021, and had combined revenues of £54.4 billion, also up from £50.8 bn last year.

“India is a very special place, and its growth has been nothing short of remarkable,” said Lord Gerry Grimstone, minister for investment in the UK's Department for International Trade (DIT)

“This growing, confident, outward-looking India has benefited the world and certainly benefited the UK. Our relationship is defined by our people, our mutual investment and mutual trade. In the last five years, Indian investment into the UK has more than quadrupled and we calculate that it supports almost half a million jobs on our shores,” he said, pointing to the ongoing India-UK Free Trade Agreement (FTA) negotiation as the “biggest deal yet to come”.

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, is now in its ninth edition.

“The pandemic has created uniquely challenging economic circumstances over the past two years. Despite this, Indian businesses in the UK have succeeded in expanding their combined turnover and increasing the number of jobs they support,” said Gaitri Issar Kumar, Indian High Commissioner to the UK.

The Tracker also identifies the fastest growing Indian companies in Britain, measured by those with a turnover of more than £5 million, year-on-year revenue growth of at least 10 per cent and a minimum two-year track record in the UK.

For 2022, 37 companies met the qualifying criteria, achieving an average growth rate of over 38 per cent. The fastest growth among these was registered by MSSL (GB) Ltd, part of the Motherson Sumi group, which bagged the Tracker Award of the year for its 248 per cent growth. The other companies to bag the awards for their fast growth included tech firm Prodapt (UK) Ltd, which grew 114 per cent, and Route Mobile (UK) Ltd with 98 per cent.

“Despite ongoing challenges faced by all companies over the past 12 months, our latest research finds that the number of Indian companies operating in the UK has increased and that many continue to grow at a rapid rate, with some recording triple-digit growth,” said Anuj Chande, partner and head of South Asia Business Group, Grant Thornton UK.

The majority of the fastest-growing companies included in the 2022 Tracker are based in London (46 per cent), continuing the trend seen in recent years. For the ninth year in a row, technology and telecoms companies dominate the Tracker, accounting for 35 per cent of those who qualified for inclusion this year. This is followed by the pharmaceuticals and chemicals sector (27 per cent) and engineering and manufacturing (14 per cent)

“While London continues to dominate as the location of choice, for the first time, more of the fastest-growing companies are also starting to be located outside of the city, highlighting the appeal the whole of the UK holds to overseas investors,” said Chande, noting that the year ahead provides more opportunities for businesses to grow.

“A free trade agreement, once concluded, would confirm the two nations as true partners. It paves the way for an enduring economic relationship that benefits the people of both countries and brings exciting opportunities for businesses in India and the UK for many years to come,” he added.

To compile the ‘India meets Britain Tracker 2022', Grant Thornton said it analysed data from 900 UK-incorporated limited companies that are owned directly or indirectly, or controlled, by either an Indian-incorporated parent or an Indian citizen resident outside the UK.

“The relationship between the UK and India continues to grow and it is encouraging to see that the number of Indian-owned companies operating in the UK has continued to grow since the last research, despite the disruption faced by the pandemic,” said CII director general Chandrajit Banerjee.

“Following the UK prime minister Boris Johnson's recent visit to India, the two countries can now focus on deepening their relationship further for the future, with the start of negotiations on a free trade agreement signalling long-term intent,” he said.

(PTI)

More For You

marks & spencer

M&S has confirmed that its physical stores remain open and operational

Getty

Marks & Spencer suspends online shopping after cyber attack hits systems

Marks & Spencer (M&S) has paused all online orders following a significant cyber attack that has left the company working to restore its systems. The retailer confirmed the cyber incident earlier this week, after customers began experiencing issues with online services last weekend.

While some systems have been brought back online, others remain offline, forcing M&S to stop taking orders through its website and apps. This includes both food deliveries and clothing purchases. The company issued an apology for the inconvenience, acknowledging the disruption and stating that its team, supported by cyber experts, is working tirelessly to resolve the situation.

Keep ReadingShow less
Pakistan airspace curbs push up costs for Indian airlines

FILE PHOTO: Passengers stand in a queue before entering the Chhatrapati Shivaji Maharaj International Airport in Mumbai. (Photo by SUJIT JAISWAL/AFP via Getty Images)

Pakistan airspace curbs push up costs for Indian airlines

TOP Indian airlines Air India and IndiGo are bracing for higher fuel costs and longer journey times as they reroute international flights after Pakistan shut its airspace to them amid escalating tensions over a deadly militant attack in Kashmir.

India has said there were Pakistani elements in Tuesday's (22) attack in which gunmen shot and killed 26 men in a meadow in the Pahalgam area of Indian Kashmir. Pakistan has denied any involvement.

Keep ReadingShow less
Campbell Wilson

Air India CEO Campbell Wilson steps down as Air India Express chair

Air India CEO Campbell Wilson steps down as Air India Express chair

AIR INDIA CEO Campbell Wilson is stepping down as chair of Air India Express, the airline’s low-cost subsidiary. He will be replaced by Nipun Aggarwal, Air India’s chief commercial officer, according to an internal memo sent on Tuesday.

Wilson will also step down from the board of Air India Express. Basil Kwauk, Air India’s chief operating officer, will take his place.

Keep ReadingShow less
Air India eyes Boeing jets rejected by Chinese airlines: report

Tata-owned Air India is interested in purchasing jets that Chinese carriers can no longer accept (Photo credit: Air India)

Air India eyes Boeing jets rejected by Chinese airlines: report

AIR INDIA is seeking to acquire Boeing aircrafts originally destined for Chinese airlines, as escalating tariffs between Washington and Beijing disrupt planned deliveries, reported The Times.

The Tata-owned airline, currently working on its revival strategy, is interested in purchasing jets that Chinese carriers can no longer accept due to the recent trade dispute. According to reports, Tata is also keen to secure future delivery slots should they become available.

Keep ReadingShow less
Infosys forecasts lower annual growth after Trump tariffs cause global uncertainty

The IT service firm said its revenue would either stay flat or grow by up to three per cent

Getty Images

Infosys forecasts lower annual growth after Trump tariffs cause global uncertainty

INDIAN tech giant Infosys forecast muted annual revenue growth last Thursday (17) in an outlook that suggests clients might curtail tech spending because of growing global uncertainty.

The IT service firm said its revenue would either stay flat or grow by up to three per cent in the fiscal year through March 2026 on a constant currency basis. The sales forecast was lower than the 4.2 per cent constantcurrency revenue growth Infosys recorded in the previous financial year.

Keep ReadingShow less