Grant Thornton Bharat in partnership with the Confederation of Indian Industry (CII) and supported by the UK government’s Department for Business and Trade (DBT) launched the third edition of the ‘Britain Meets India’ (BMI) 2023 Tracker, which identifies 635 companies incorporated in India – up from 618 in 2022.
With a combined turnover of approximately INR 4,888.4 billion and employing around 666,992 people, a majority (68 per cent)of these companies are micro, small and medium enterprises (MSMEs) and 60 per cent have their parent headquartered in London.
Pallavi Joshi Bakhru, Partner and India-UK Corridor Leader at Grant Thornton Bharat, said at the launch of the tracker: “With the India-UK FTA [free trade agreement] having the potential to further strengthen bilateral partnership and boost economic prosperity on both sides, the BMI report offers clean insights into the business camaraderie that exists between the two nations.
“The sectoral analysis of 635 UK companies found that technology is the most dominant sector this year. India is a leading hub for GCCs [Global Capability Centres] for large UK retail giants due to its reputation for innovation, a large and skilled workforce of coders, engineers, and software developers. The government has improved infrastructure and made it easier to do business in India, further boosting the country’s appeal as a GCC hub.”
The report was launched by Christina Scott CMG, Deputy British High Commissioner; Deepak Shetty, Chairman, CII Infrastructure Council, and CEO & Managing Director, JCB India Ltd; and Vishesh C. Chandiok, CEO, Grant Thornton Bharat; at the British High Commissioner’s residence in New Delhi over the weekend in the presence of dignitaries, industry leaders and government representatives from the UK and India.
Alex Ellis, British High Commissioner to India, said: “Our dynamic business relationship supports more than half a million jobs across both countries. UK companies are also increasingly turning to India to sell their high-quality goods and services.
“India’s middle class is expected to reach nearly 250 million in 2050; this group will drive India’s consumer spending in healthcare, education and premium products, creating enormous opportunities for UK firms selling high quality, iconic brands and products.”
The detailed ‘Britain Meets India’ report identifies the fastest-growing UK businesses operating in India, ranked by growth and employment generated. It also provides insights into the most popular Indian states for British investment, key industry sectors, the fastest-growing UK companies in India, top companies by revenue, top UK employers in India and the impact of UK businesses on the Indian economy.
*Info: Britain Meets India 2023