There are now a record 842 Indian companies operating in the UK, up from 800 in the previous year, with combined revenues of almost £48 billion (£46.4 billion in 2018 report), according to a Grant Thornton-CII report. Indian companies paid a combined total of over £684 million in corporation tax, which is almost double the amount recorded in last year's report (£360 million), and employed 104,783 people (104,932 in the 2018 report). The India Meets Britain Tracker 2019 report was released earlier this year. GT and CII are holding a roadshow in Bengaluru, Hyderabad, Mumbai and New Delhi to highlight the report's findings.
During the report's launch at the roadshow in Bengaluru on Tuesday, British Deputy High Commissioner in Bengaluru, Dominic McAllister, said: "We are determined that the UK will be the best place in the world to grow your business. The UK government is committed to facilitating the closest possible relationships between business leaders in both our countries – including supporting pioneers in innovation. The UK and India can do great business and achieve real change. Both governments are committed to taking this further by building on the technology partnership; leveraging finance; sharing skills and expertise."
The report provides a tracker of the fastest-growing companies, as measured by those with a turnover of more than £5 million, year-on-year revenue growth of at least 10 percent and a minimum two-year track-record in the UK. This year's tracker includes 62 companies that recorded an average growth rate of 37 percent. The total combined revenue of these companies reached over £12 billion last year. Three companies in this year's tracker reported a growth of more than 100 percent.
The UK and India have been the top five investors in each other's economies since 2010. Since 2010, the UK has been the largest G20 investor in India. Building on the UK's Industrial Strategy, the India-UK Tech Partnership sets out how we are building a Britain fit for the future – how we will help businesses create better, higher-paying jobs with investment in the skills, industries, and infrastructure that we will need, added McAllister.
Technology and telecoms companies continue to dominate the Tracker, as they have done since its launch in 2014. This year, they account for 35 percent of the fastest-growing companies. Engineering and manufacturing companies are the next in line, accounting for 16 percent of the 2019 Tracker. This is followed by pharmaceutical and chemical companies, which account for 15 percent, continuing historically strong representation.
The geographical spread of the fastest-growing Indian companies across the UK remains unchanged compared to last year. London continues to be the preferred location for more than half (53 percent) of the 62 fastest growing Indian companies. London is the global home of capital. Over £2.2 billion (Rs 20,000 crore) in Masala Bonds have been listed on the London Stock Exchange by Indian companies.