The annual ‘India Meets Britain Tracker’ released in London on Wednesday finds that the number of Indian companies doing business in Britain has increased from 800 in 2018 to 842 in 2019, with a combined turnover of £48 billion.
The report, published by business advisory firm Grant Thornton UK LLP and the Confederation of Indian Industry (CII), revealed a more than doubling of the Corporation Tax paid by these companies to hit £684 million, up from £360 million in the previous year.
“The headline figures in the Tracker are startling. They are testament to the strength and entrepreneurialism of the Indian business community, with some companies growing by more than 100% year on year,” UK minister for investment Graham Stuart said at the launch.
The minister pointed out that the figures are likely to see a further jump from next year, when the UK’s Corporation Tax, from the current level of 19%, will drop to 17%.
“We will always welcome Indian investments and we recognise India’s importance as one of our most critical bilateral investors,” he said.
Among some of the other highlight figures from the Tracker, 24% of Indian companies in the UK have at least one woman on their board, up from 19% last year, and they employ an estimated 104,783 people in the country.
“The report brings out in such graphic terms the contribution that Indian businesses are making to the UK. We all wondered how the Brexit process would have affected the investment sentiment from India and now we have the answer – Indian business retains its positive outlook towards the UK,” said Ruchi Ghanashyam, the Indian High Commissioner to the UK.
The report, now in its sixth year, provides a tracker of the fastest growing Indian companies in the UK with turnover of more than $5 million, year-on-year revenue growth of at least 10% and a minimum two-year track-record in the UK.
Among these Accord Healthcare Ltd, Milpharm Ltd and Secure Meters (UK) Ltd have been consistently recorded as fast growing ever since the Tracker was launched in 2014.
Anuj Chande, Partner and Head of South Asia Group at Grant Thornton UK LLP, noted: “Given the continuing uncertainty driven by the UK’s exit from the European Union (EU), it is encouraging to see that Indian investors continue to invest confidently in the UK and in fact, there are now more Indian businesses active in the UK than ever before.”
“The fall in the value of sterling has also had a role to play, making UK assets increasingly attractive to overseas investors. ”
Three companies in this year’s Tracker reported growth of more than 100%, with the fastest growing of these being TMT Metal Holdings Limited, with a growth rate of 649%.