The India-UK bilateral relations will touch a new high in the post-COVID world, says Grant Thornton Bharat-CII Britain Meets India report. The Report covers companies from the UK which continue to grow, invest and expand in India.
Here are the key highlights from the Britain Meets India report:
• FDI inflow from the UK to India for a particular year increased from USD 898 million in 2015-16 to USD 1,422 million in 2019-20. On the other hand, India is likely to be a priority country for the UK, especially post Brexit, leading to an enhanced economic partnership.
• Industrial and Business Services are top sectors being eyed by the UK companies; Maharashtra tops as the leading investment destination followed by Haryana, Delhi, Tamil Nadu, Telangana, and Karnataka.
• The strength of the India-UK trade and investment partnership has only increased in the post-COVID world through continued collaboration. India ensured that key supply chains of pharmaceutical products and surgical masks were maintained for the UK and other countries as the two sides collaborated relentlessly in vaccine research, design, and manufacturing.
• The list of ‘fastest-growing UK companies in India’ includes Dyson Technology, Aviva Life Insurance, Diageo Business Services, RMD Kwikform, and FMC Technologies, among others. The list of top 20 UK companies by revenue’ includes Vedanta, Vodafone, Hindustan Unilever, United Spirits India, etc.
• Also, G4S Group, Vedanta Resources, and HSBC Holdings feature in ‘top UK employers in India’.
Pallavi Joshi Bakhru, Partner and India-UK Corridor Leader, Grant Thornton Bharat LLP said, “Our research identified 572 UK companies in India with a combined turnover of around INR 3,390 billion, tax payment of around INR 173 billion and employing 416,121 people directly. This reflects the important contribution made by the UK companies to the Indian economy as a key ally in India’s growth story.”
The report also identified the top UK employers in India which include-
On a positive note for the future, the report notes that the future of the India-UK economic relationship will focus on removing trade barriers, creating jobs and encouraging innovation