There are now a record 842 Indian companies operating in the UK, up from about 800 in the previous year, with combined revenues of almost £48 billion (£46.4 billion in 2018), according to a Grant Thornton-CII report. Indian companies paid over £684 million in corporation tax, which is almost double the amount recorded in last year’s report (£360 million). The report says these companies have a total head count of 104,783, up slightly from previous year.
“We are determined that the UK will be the best place in the world to grow your business. The UK government is committed to facilitating the closest possible relationships between business leaders in both our countries – including supporting pioneers in innovation,” said Dominic McAllister, British Deputy High Commissioner in Bengaluru. “The India-UK Technology Partnership, launched by Prime Ministers May and Modi last year, demonstrates our commitment to the future of India-UK tech,” he added.
The report “India Meets Britain Tracker 2019” provides a tracker of the fastest growing companies, as 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. This year’s tracker includes 62 companies that recorded an average growth rate of 37 per cent. The total combined revenue of these companies reached over £12 billion last year. Three companies in this year’s tracker reported growth of more than 100 per cent.
UK and India have been the top five investors in each other’s economies since 2010. From the same year, UK has been the largest G20 investor in India. Building on the UK’s industrial strategy, the India-UK tech partnership sets out how “we are building a Britain fit for the future – how we will help businesses create better, higher-paying jobs with investment in the skills, industries and infrastructure that we will need,” said McAllister.
Technology and telecom companies continue to dominate the tracker, as they have done since its launch in 2014. This year, they account for 35 per cent of the fastest-growing companies. Engineering and manufacturing companies are next in line, followed by accounting (16 per cent) and pharmaceuticals (15 per cent).
The geographical spread of the fastest-growing Indian companies across the UK remains unchanged. London continues to be the preferred location for more than half (53 per cent) of the 62 fastest growing Indian companies. London is the global home of capital. Over £2.2 billion (Rs 20,000 crore) in masala bonds have been listed on the London Stock Exchange by Indian companies.