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Indian firms' contribution to UK economy rises: report

Apr '19
Pic: Grant Thornton
Pic: Grant Thornton
Analysis of data by Grant Thornton from 842 UK-incorporated limited companies owned or controlled by Indian interests in its ‘India Meets Britain Tracker’ found a significant rise in the contribution of Indian firms to the UK economy over the last year. Such firms had combined revenues of £48 billion compared to £46.4 billion mentioned in the 2018 report.

The finding complements recent UK Government statistics that show Indian investment continuing to rise despite wider uncertainty in business circles due to Brexit.

Indian companies paid a combined total of over £684 million in corporation tax—almost double the amount of £360 million recorded in last year’s report—and employed 104,783 people, according to the tracker.

The 2019 edition of the tracker, published in association with the Confederation of Indian Industry (CII), covers the fastest-growing companies, as measured by those with turnover of more than £5 million, year-on-year revenue growth of at least 10 per cent and a minimum two-year track-record in the United Kingdom, according to a press release from Grant Thornton.

This year’s tracker includes 62 companies that recorded an average growth rate of 37 per cent. The total combined revenue of these companies reached over £12 billion last year.

Three companies reported growth of more than 100 per cent: the fastest growing is TMT Metal Holdings Limited, with a growth rate of 649 per cent, followed by Route Mobile (UK) Limited, which reported a growth of 189 per cent, and BB (UK) Ltd, which achieved turnover growth of almost 129 per cent.

London continues to be the preferred location for more than half (53 per cent) of the 62 fastest growing Indian companies. (DS)

Fibre2Fashion News Desk – India

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June 2019

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