- Posted by: Valerie Vaz MP
- Category: News
It was a pleasure to attend a high-profile CEOs delegation led by Dr Naushad Forbes, President, Confederation of Indian Industry (CII) and Co-chairman, Forbes Marshall – the first such business engagement between the two countries since Britain’s referendum to exit from the EU.
The CII aims to reinforce the vibrant and dynamic India-UK economic engagement and highlight new business opportunities. At the delegation I received a copy of the Grant Thorton India Tracker 2016, developed in collaboration with the CII, which provides an insight into the scale, business activities, locations and performance of Indian-owned companies making the biggest impact in the UK.
Indian companies continue to play a major part in the the UK economy. This year the number of Indian companies growing at more than 10% has nearly doubled. Some of the fastest-growing companies in India have a combined turnover of over £26 billion. Moreover, 10% of the fastest-growing Indian companies are situated in the Midlands for example Jaguar Land Rover which is ranked 49 in the UK’s top fastest-growing Indian companies.
Indian companies invest more in the UK than in the rest of the EU combined, and India is the third largest investor in the UK economy. The UK is the third largest foreign investor in India. The two countries have established a range of cooperation mechanisms, including UK participation in India’s high profile industrial corridors, ambitious renewable energy program and science and technology.
You can read a copy of the Grant Thorton India Tracker 2016 here: http://www.grantthornton.co.uk/globalassets/1.-member-firms/united-kingdom/pdf/publication/2016/india-meets-britain-2016-report.pdf