635 UK companies employ over 660,000 in India: Report
It comes as the 13th round of free trade agreement (FTA) negotiations are ongoing between India and the UK, expected to significantly boost the bilateral trade partnership estimated at around GBP 36 billion in 2022.
«It's fantastic to see even more UK companies thriving in India this year, generating thousands of jobs and delivering significant growth for both our countries,» said UK Minister for International Trade Nigel Huddleston, in a message for the report launch.
«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,» he said.
Of the 635 UK companies, 68 per cent are classed as micro, small and medium enterprises (MSMEs) and 60 per cent have their parent firm headquartered in London.
As many as 147 companies in the report met the qualifying criteria to feature in the 'BMI Growth Tracker', with a combined turnover of Rs 3,923.9 billion and achieving an average growth rate of 46 per cent.
«With the India-UK FTA having the potential to further strengthen the 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,» said Pallavi Joshi Bakhru, Partner and India-UK Corridor Leader at Grant Thornton Bharat, who was among those present at the launch in New Delhi.
«The sectoral analysis of 635 UK companies found that technology is the most dominant sector this year. India is a leading hub for GCCs [Global Capability Centres] for large UK retail giants due to its reputation for innovation, and a large and skilled workforce of
