These 79 companies reported combined turnover of £25 billion and achieved an average annual growth rate of 71%, the highest rate ever recorded by companies in the tracker. Together, they paid £450 million in corporation tax and made capital expenditure investments of £864 million.
Of the 79 fastest-growing Indian companies, 24% are in technology and telecoms, with average annual growth this year of 51%. This is the tenth year in a row that the sector has dominated the tracker.
Engineering and manufacturing companies have also performed strongly. This year, they represent 23% of companies in the tracker, with average annual growth of 48%. In addition, five hotel groups feature this year, reflecting post-COVID recovery in the hospitality and leisure industries.
Location-wise, the fastest-growing companies continue to be split between London (45%) and the regions (55%). Outside London, the North is the most popular region, with 20% of all tracker companies located there. This year, for the first time, the tracker includes a company headquartered in Northern Ireland.
Uncover a full list of the UK's fastest-growing Indian companies in our 2023 tracker.
During 2022-2023, top employers among Indian-owned businesses in the UK employed more than 100,000 people for the tenth year in a row.
Over the course of 2022, pandemic recovery helped boost two-way trade and investment between India and the UK. The value of exports and imports reached £34 billion, up £11.6 billion on the previous year.
Throughout the year, negotiations on the anticipated free trade deal continued between the two countries – currently the fifth and sixth largest economies in the world. The ambition for the deal is to realise the potential to double trade by 2030.
2022 was the year when the growing importance of the diaspora in the UK came into focus. Rishi Sunak was appointed as UK prime minister. Data from the UK census showed that Indians are the largest ethnic minority group in England and Wales. And, at UK universities, Indian students became the largest group of students from overseas.
The anticipated UK-India free trade agreement, expected to be concluded this year, will be a platform for further growth in the Indian footprint in the UK. With the Indian economy forecast to become the third largest in the world by 2030, this economic power is likely to be reflected in future editions of the India meets Britain Tracker.
Hear from Anuj Chande, about our latest India meets Britain tracker report and how it’s developed over the past ten years.
If you would like to find out more about the India meets Britain Tracker 2023 or our work with Indian companies investing in the UK, please contact Anuj Chande.
