Team Blitz India
LONDON: The combined turnover of Indian-owned companies in Britain has more than doubled – from £19 billion in 2014 to £50.5 billion in 2023. The number of Indian companies in the UK also went up to a record 954 last year, from 900 in 2021.
These are the findings of the 2023 edition of the India Meets Britain Tracker which was created by Grant Thornton and the Confederation of Indian Industry (CII) in 2014 to measure and monitor Indian economic contributions to the UK.
Diaspora boost: Releasing the 2023 Tracker in London last week, Anuj Chande, Head of South Asia Business Group, Grant Thornton UK LLP said “the significant Indian diaspora here is believed to have encouraged more Indian companies to look at the UK as their natural home.”
The Tracker highlights fastestgrowing Indian companies in the UK and provides insights into the scale, business activities, locations, and performance of impactful Indian-owned companies operating in the UK.
Chande noted that the number of Indian-owned companies operating in the UK remained at its highest level over the past 12 months, despite businesses and economies worldwide still feeling the impact of the pandemic. “The increase in the number of companies compared to last year alone is remarkable, amidst ongoing operational challenges and rising costs,” he said.
Growing relationship: “This increasing presence in the UK is reflective of the growing relationship between the two countries, with the past decade witnessing ever deepening ties between India and the UK. Bilateral trade, for example, has more than doubled from £16.4billion in 2013 to £35.9billion in 2022. The UK continues to have an attractive offering for Indian investors with a common business language, access to high quality education and strong brands all contributing to the pull of the UK to Indian business leaders.”
