The India meets Britain Tracker 2019 produces surprising results despite ongoing Brexit uncertainty
The contribution Indian companies make to the UK economy has increased significantly over the past year, according to our India meets Britain Tracker 2019. There are now a record 842 Indian companies operating in the UK, with combined revenues of over £48 billion (up from £46.4 billion in 2018). Together, they paid almost £684 million in corporation tax (£360 million in 2018) and employed 104,783 people (104,932 in 2018).
In the context of Brexit uncertainty over the last two years, these figures represent a surprising but welcome increase in numbers and size of contribution. Through their investment in the UK, Indian companies create jobs, contribute tax and play an important role in deepening and extending the long-standing ties between India and the UK.
Each year, the India meets Britain Tracker, developed in collaboration with the Confederation of Indian Industry, identifies the top fastest-growing Indian companies in the UK. This year, 62 companies achieved an annual growth rate of 10% or more. Between them, these fastest-growing companies earned total revenues of over £12 billion. This is more than double the £6 billion achieved in 2018.
Technology and telecoms companies continue to dominate the Tracker, as they have done since its launch in 2014. This year, they account for 35% of the fastest-growing Indian companies in the UK. Pharmaceutical and chemicals companies also have a strong presence, accounting for 16% of this year’s Tracker companies. Likewise, engineering and manufacturing companies account for 16% of the Tracker companies.
London remains the preferred location for more than half of the fastest growing Indian companies investing in the UK, with 53% choosing the capital as their home.
Here are the key stats for this year’s India meets Britain Tracker companies:
If you would like to discuss any matters arising in this publication or find out more about our work with Indian companies investing in the UK, please contact Anuj Chande.