BusinessEconomy

Indian companies’ contribution to the UK economy rises

Despite the uncertainty and disruption caused by the pandemic, Indian companies employed 141,005 people in the UK, up from 116,046 in 2021’s research

The number of Indian companies operating in the UK has increased year-on-year from 850 to 900, reporting combined revenues of £54.4bn, growing from £50.8bn in 2021.

According to Grant Thornton’s India meets Britain Tracker, the launch of Free Trade Negotiations at the start of the year and the prime minister’s official visit last month has led to Indian companies continuing to make a “significant contribution” to the UK economy.

Despite the uncertainty and disruption caused by the pandemic, Indian companies employed 141,005 people in the UK, a rise from 116,046 in 2021’s research. These companies paid £304.6m in corporation tax, although this is down from £459.2m year-on-year.

The research also identifies 37 Indian companies that are fastest growing – those with a turnover of more than £5m, year-on-year revenue growth of over 10% and a minimum two-year track record in the UK. 

The majority of the fastest growing companies included in this year’s Tracker are based in London (46%), followed by the North (22%) and the South (14%).

For the ninth year in a row, technology and telecoms companies dominate the Tracker, accounting for 35% of those who qualified for inclusion this year. This is followed by the pharmaceuticals and chemicals sector (27%) and engineering and manufacturing (14%).

Anuj Chande, partner and head of south asia business group at Grant Thornton UK LLP, said: “Despite ongoing challenges faced by all companies over the past 12 months, our latest research finds that the number of Indian companies operating in the UK has increased and that many continue to grow at a rapid rate, with some recording triple digit growth.”

Gerry Grimstone, minister for investment, added: “As the prime minister announced in New Delhi last month, we’ve secured over £1bn in new investment and export partnerships with India, creating almost 11,000 jobs in the UK in sectors from healthcare to electric vehicles, and adding to the 140,000 people employed by Indian firms here already.

“I am confident our partnership will go from strength to strength as we advance negotiations for an ambitious, modern Free Trade Agreement and meet our goal to double trade between our nations by 2030.”

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