635 UK-based firms have created jobs for over 660,000 people in India.

10 Oct, 2023

635 UK-based firms have created jobs for over 660,000 people in India.

As per the 2023 edition of the 'Britain Meets India' (BMI) report, there are 635 companies registered in India, which are either owned or controlled from the UK. These companies collectively generate a turnover of roughly Rs 4,88,840 crores and provide

employment to approximately 666,992 individuals.In a message marking the report's launch, Nigel Huddleston, the UK Minister for International Trade, expressed his enthusiasm, stating, "It is truly remarkable to witness an increasing number of UK companies flourishing in India this year, creating numerous job opportunities and fostering substantial growth for both our nations."

India's reputation for innovation, coupled with its sizable and highly skilled workforce comprising coders, engineers, and software developers, has positioned it as a prominent destination for Global Capability Centres (GCCs) of major UK retail giants.

According to the report, in 2023, 11 UK-based companies recorded triple-digit growth rates in turnover. The business services sector, with a growth rate of 22 percent, and the industrial products sector, with a growth rate of 19 percent, emerged as the leading sectors among the fastest-growing companies in the growth tracker.

The conclusion of an FTA would undoubtedly further enhance this already robust partnership, and CII anticipates the prompt finalization of the negotiations. Additionally, CII expresses its appreciation for efforts aimed at fostering cooperation in areas such as science, innovation, and facilitating the mobility of professionals and students.