India’s commercial footprints rise in Britain after Brexit : India meets Britain Tracker

UK-India-Trade after BREXIT

Eighth edition of the Grant Thornton India meets Britain Tracker, developed in collaboration with the Confederation of Indian Industry identifies the commercial footprints of Indian companies in the UK in terms of employment creation and investment prospects.

Indian companies seem to be  following a conventional  well-trodden path to the UK that dates back more than 100 years when Tata first established a UK presence.

The Tracker India meets Britain includes Indian-owned corporates with operations headquartered or with a significant base in the UK, with turnover of more than £5 million, year-on-year revenue growth of at least 10% and a minimum two-year track record in the UK, based on the latest published accounts filed as at 31 March 2021, where available. Turnover figures have been annualized where periods of less or more than 12 months have been reported.

According to the reports 47% of Indian companies in the UK have at least one woman on their board compared with 20% in 2020.

UK government figures on foreign direct investment into the UK from India for the year 2019-20 bear this out. FDI from India continued to grow, with the number of FDI projects rising to 1206 (up from 106 in 2018-19)7 , with 5,429 new jobs (compared to 4,858 in the previous year) created as a result

From March 2020, the UK government provided substantial support for businesses. This included a jobs retention scheme which, by March 2021, had provided almost £50 billion10 to UK businesses, including those from India, that were suffering as a result of the pandemic.

According to Gaitri Issar Kumar, the Indian High Commissioner to the UK, “Trade and investment flows between India and the United Kingdom have remained on a positive trajectory despite the pandemic.”

“Both the 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,” she said.

Many Indian businesses in the UK are implementing Bonded Warehouses to enable them to avoid double tariffs on goods passing through the UK on their way to Europe.

Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII), said, “The statistics are a reflection of the strong contribution that Indian industry has continued to make in the UK, in keeping jobs and supporting the local economy.”

“As discussions around the India and UK Enhanced Trade Partnership agreement continue, and as nations continue to battle the pandemic, CII and its members have worked towards facilitating an economic recovery path which has been invaluable,” said Bannerjee.

Image from Economic Policy Group

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