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UK businesses are playing a significant role in India's economic development, with 667 UK-owned companies contributing Rs 5,082 billion in revenue and employing over 523,000 people, according to the latest Britain Meets India 2024 report, released by Grant Thornton Bharat in collaboration with the Confederation of Indian Industry (CII).
The report showcases the expanding footprint of UK companies in India. It identifies the top 162 high-performing firms with exclusive growth criteria, collectively surpassing an annual revenue of Rs 500 million and achieving at least 10 per cent growth year-on-year. Sectors like education, technology, and infrastructure are seeing notable UK investments, supporting India's long-term economic and sustainability goals. Pallavi Bakhru, Partner and Head of the India-UK Corridor at Grant Thornton Bharat, said, "With the India-UK Free Trade Agreement on the horizon, we expect significant growth opportunities for UK companies in India. Our Britain Meets India tracker showcases not only this potential but also the valuable role UK businesses are playing in supporting India's net-zero goals by 2070, particularly through expertise in renewable energy and climate finance." Companies featured in the Growth Tracker saw an average growth rate of 71 per cent, up from 46 per cent in 2023, showcasing their increasing influence. The business services sector led the expansion, reflecting India's skilled workforce and rising consumer market. Maharashtra emerged as a major hub, housing 36 per cent of UK businesses, while Delhi NCR, Karnataka, and Tamil Nadu are also popular regions for British investments. Nearly 63 per cent of UK firms in India are MSMEs (Micro, Small, and Medium-sized Enterprises), with the business services, industrial products, media, telecom, and technology sectors among the top contributors. The report underscores UK companies' critical role in India's renewable energy sector. British International Investment (BII) has committed USD 2.2 billion to India and plans an additional USD 1 billion by 2026 for climate projects, while Lightsource BP invested GBP 2 billion in Indian solar initiatives. UK-India partnerships in tech and telecom are growing, with recent initiatives like the Technology Security Initiative boosting collaborative research in Open RAN systems and 6G development, advancing telecom security and infrastructure. Fifteen UK firms in India recorded triple-digit revenue growth this year. Vedanta Ltd. stands as the largest UK company by revenue, generating over INR 1,501 billion in 2024. Harjinder Kang, His Majesty's Trade Commissioner for South Asia, said, , "The UK-India relationship is a shining example of a thriving partnership, with trade and investment valued at 42 billion and over 700,000 million jobs supported across both economies." He added, "As we look to the future, the potential for growth is immense, with India projected to have the third-largest economy by 2030 and a burgeoning middle class driving consumer spending. We're poised for a once-in-a-generation revolution in sectors like net zero, AI, healthcare, and life sciences - and together, the UK and India can lead the way." (ANI)
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