New Delhi: Despite COVID-19 induced disruptions and Brexit, the UK remained an attractive investment destination in 2021 for Indian investors, a report said on Thursday.
The number of Indian companies operating in the UK has grown to 850 in 2021 from 842 in 2020, according to 8th Grant Thornton India meets Britain Tracker report, developed in collaboration with Confederation of Indian Industry (CII).
The combined turnover of the said number of companies has also risen to 50.8 billion pound (approximately Rs 5,28,000 crore), compared to 41.2 billion pound in 2020 (Rs 4,28,000 crore), the report said, adding the companies together employed 1,16,046 people, higher from 1,10,793 in 2020.
It also noted that 47 per cent of Indian companies in the UK have at least one woman on their board compared to just 20 per cent in 2020.
Despite Brexit and COVID-19 challenges, the contribution Indian companies make to the UK economy increased on almost every measure. As they emerge from the pandemic, both countries are focused on forging an even deeper partnership, both bilaterally and on the global stage, the report said.
This year, 49 companies met the qualifying criteria for appearing in India meets Britain Tracker, achieving an average growth rate of over 40 per cent, it added.
‘Five companies achieved annual turnover growth in excess of 100 per cent. They were: Birlasoft Solutions Ltd (158 per cent), Reliance JIO Infocomm UK Ltd (138 per cent), Life Molecular Imaging Ltd (114 per cent), Tillomed Laboratories Ltd (113 per cent) and Chloride Eastern Ltd (103 per cent). Of the 49 fastest-growing companies, 38 companies did not feature in last year’s Tracker,’ the report said.
UK Minister for Investment Gerry Grimstone said these findings show that the UK continues to be a highly attractive destination for Indian investors, who are both bringing jobs to the UK and increasing female representation at the highest level in our boardrooms.
Deeper trading ties with India will ensure more fast-growing companies like Birlasoft and Diligenta will have the opportunity to bring jobs and growth to the UK, as we build back better, and stronger, from COVID-19, Grimstone added.
‘Trade and investment flows between India and the UK have remained on a positive trajectory despite the pandemic. Our Governments are committed to removal of trade barriers and encouraging collaborations in innovation and technology development, particularly in sectors where our nations have complementary capabilities,’ High Commissioner of India to the UK, Gaitri Issar Kumar said.
CII Director General Chandrajit Banerjee said the statistics are a reflection of the strong contribution that the Indian industry has continued to make in the UK, in keeping jobs and supporting the local economy.