UK Companies Employ Over 666,992 People in India, According to ‘Britain Meets India’ Report A recent report titled ‘Britain Meets India’ (BMI), collated by Grant Thornton Bharat and the Confederation of Indian Industry (CII) with support from the UK’s Department for Business, Trade & Investment (DBT), sheds light on the substantial presence of UK companies in India. This report reveals that 635 UK companies currently employ more than 666,992 people in India, collectively generating an impressive turnover of approximately Rs 4,88,840 crores. These findings underscore the significance of the bilateral economic relationship between the two countries.
UK Companies in India
The BMI report highlights the extensive footprint of UK businesses in India, demonstrating their commitment to the Indian market. Among the notable statistics, it is revealed that 68% of these UK companies in India fall into the micro, small, and medium enterprise (MSME) category. Additionally, 60% of them have their parent firms headquartered in London, emphasizing the importance of the UK capital in fostering trade and investment ties with India.
Technology Sector Dominance
One standout feature of the report is the dominance of the technology sector among UK companies operating in India. Many of these companies have established Global Capability Centres (GCCs) in India, serving as key hubs for technological innovation, research, and development. The report notes that these GCCs have been instrumental in driving substantial growth for UK businesses in India.
The technology sector’s prominence underscores India’s attractiveness as a hub for IT and technology-related activities. The country’s skilled workforce, favorable business environment, and commitment to innovation have made it a preferred destination for companies looking to expand their technological capabilities.
Bilateral Economic Relations
The findings of the BMI report highlight the mutually beneficial nature of the economic relationship between the UK and India. As India continues to be one of the world’s fastest-growing major economies, it offers significant opportunities for foreign investment and trade. Likewise, UK companies have played a crucial role in contributing to India’s economic growth, providing employment opportunities, and fostering innovation.
The report also underscores the importance of fostering stronger economic ties between the two nations. Initiatives that promote collaboration, ease of doing business, and innovation can further enhance the economic partnership between the UK and India.
Conclusion
The ‘Britain Meets India’ report presents a compelling snapshot of the significant presence of UK companies in India, with over 666,992 people employed and a substantial combined turnover. The dominance of the technology sector and the growth of Global Capability Centres illustrate India’s allure as a destination for innovation and business expansion. This report not only highlights the strong economic ties between the UK and India but also emphasizes the importance of nurturing and strengthening this bilateral relationship for the benefit of both nations.
