India-UK Trade Ties Strengthen: UK Firms Generate INR 3.6 Trillion, Employ 4.6 Lakh
India and the UK have bolstered their economic ties, with negotiations underway for the India-UK Free Trade Agreement. The Britain Meets India (BMI) report 2022 reveals a robust presence of UK companies in India, with 618 firms generating a combined turnover of approximately INR 3,634.9 billion and employing around 4,66,640 people.
Vedanta Ltd continues to lead as the highest revenue-earning subsidiary of a UK company in India. Meanwhile, Ayana Renewable Power Ltd. and Johnson Matthey Chemicals India Pvt Ltd have emerged as the fastest growing UK companies in India, both registering a remarkable growth rate of over 100%.
Prime Minister Narendra Modi's reforms have significantly enhanced India's appeal as an investment destination. The BMI report identifies 58 UK companies in India that achieved an average growth rate of 36.3%, meeting the criteria of an annual turnover of more than INR 500 million, year-on-year revenue growth of at least 10%, and a minimum two-year track record of filing with the Ministry of Corporate Affairs in India.
British companies in India are strongly represented in sectors such as finance, technology, education, and healthcare. G4S stands out as the top UK employer in India, with more than 1,35,000 employees.
The strengthening economic ties between India and the UK are reflected in the growing number and success of UK companies operating in India. The BMI report 2022 underscores the potential for further growth and collaboration between the two nations.
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