India-owned Firms Registering Massive Growth in the UK

By siliconindia   |   Thursday, 18 May 2023, 18:09 IST
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India-owned Firms Registering Massive Growth in the UK

This year, the number of Indian-owned businesses operating in the UK reached a record high of 954, registering a considerable increase over the previous year.

The aggregate turnover of Indian-owned businesses in Britain has increased by more than twofold from 19 billion pounds in 2014 to 50.5 billion pounds in 2023. India and the UK, both of which uphold the principles of liberty and human endeavour, are collaborating to forge a stronger economic union through their shared cooperation.

There is a possibility to find industry domains in which the two economies can connect for joint opportunities in which Indian businesses can leverage opportunities and take finished products back into the Indian economy. However, UK companies are urged to take advantage of prospects in smaller Indian cities and rural areas where there has been a considerable increase in demand.

Amidst ongoing operational challenges and rising costs, the increase in the number of companies compared to the previous year is prodigious. This growing presence in the UK reflects the two nations' burgeoning relationship, with the last decade witnessing ever-deepening links between India and the UK. The bilateral trade between India and UK has significantly multiplied from 16.4 billion pounds to 35.9 billion pounds highlighting that the UK continues to offer Indian businesses an appealing investment environment.

Notably, it is speculated that the sizable Indian diaspora in this country pushed more Indian businesses to consider the UK as their natural home. The average yearly revenue growth rate nearly doubled compared to last year (38 per cent) to reach a record-breaking high of 71 per cent The CII anticipates the swift implementation of the UK-India free trade agreement (FTA), which would elevate this partnership and provide major advantages for both parties.

As in the previous year's evaluation, London continues to be the favoured site in the UK, with 35 of the 79 companies headquartered in the UK capital. However, more Indian-owned companies are beginning to seek outside of London for growth opportunities. The majority of the enterprises are based in the north of the UK, which is the most populated area outside of London.