Mayor of London Sadiq Khan along with the UK capital’s growth agency London & Partners recently released an ambitious new ‘Growth Plan’ that aims to restore productivity growth to London’s economy, with the aim of making it around £107 billion larger by 2035.
With India leading the investment tally for the city over recent years, ever since it overtook the US as London’s single-largest foreign direct investment (FDI) source market in 2022-23, it has a central role to play in this growth strategy.
Laura Citron, CEO of London & Partners, said: “Foreign direct investment from India has been the fastest growing and has been our number one market for the last two years.
“So, it's Indian tech companies setting up operations in London. Equally, if we look at it as a student market, post-Brexit, India has really rapidly grown as a student market. It's now the number two source market for London after China. It's also a fast-growing tourism market for London; India is just a really critical, top market for London.”
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According to official data for 2023-24, London attracted 38,625 Indian students to its universities, with the country's share of all international students in London increasing from under 5 per cent to over 20 per cent.
Mark Hertlien, Head of Global Engagement at City St George's University and Chair of the International Network at London Higher, the city’s advocate for higher education, said: “It is positive that London's quantity of Indian students has increased in the past decade, with Indian students now accounting for over 20 per cent of international students enrolled at a London university.
“At City St George's the number of Indian students joining us has doubled over recent years… They become lifelong ambassadors of our capital city and create lasting and powerful bridges between our nations.”
Ashish Devalekar, Executive Vice President and Head of Europe at Indian IT major Mphasis hailed London’s attractiveness as an innovation powerhouse and a global hub for world-leading businesses and talent.
He said: “At Mphasis, we have steadily expanded our presence in the region over the past years, and we are now on the trajectory to double the headcount through our London Innovation Hub which we opened late last year.
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“This centre is a testimony to our commitment to the UK and its vibrant tech scene and will be a focal point for developing next-generation solutions in AI, quantum computing, and beyond.”
Developed with London & Partners in collaboration with businesses, trade unions and London’s communities, the London ‘Growth Plan’ sets out a blueprint to kickstart the capital’s productivity, which has flatlined since the 2008 global financial crisis. Key drivers to deliver the plan’s growth ambitions include a renewed focus on nurturing world-class talent, helping Londoners get the skills they need for productive careers, backing business innovation with new investment and technology, taking a bolder approach to housing and infrastructure, and reinvigorating the city's local high streets.
*Info: London Growth Plan