The annual ‘India Meets Britain Tracker’ in its 2024 edition finds a record number of Indian-owned businesses in the UK seeing their revenue increase by at least 10 per cent, with the top performing companies achieving an average annual growth rate of almost 50 per cent.
For the first time ever, the Tracker identifies 100 businesses out of the 971 included in the research who expanded their revenues by 10 per cent or more – a significant increase compared to 79 in the 2023 report and 37 the year before.
India Global Forum (IGF) Founder Manoj Ladwa described the report as a much anticipated and authoritative body of work that puts a spotlight on UK-India bilateral relations, coming just days before IGF London.
He said: “No doubt it will be as always referred to frequently at India Global Forum later this month when we take a full stock the UK-India relationship. Many of the companies will be present and indeed celebrated at our 6th Annual UK India Awards also.”
The top performing 100 companies achieved an average revenue growth rate of 48 per cent; of these, the three fastest-growing companies are Interglobe Enterprises (UK) Ltd (323 per cent), SAR Overseas Ltd (319 per cent), and Sterlite Technologies UK Ventures Ltd (244 per cent).
Anuj Chande OBE, Head of South Asia Business Group at Grant Thornton UK LLP behind the annual analysis, said: “Over the past year, a sluggish global economy and deteriorating international security have created a challenging environment for businesses everywhere. Despite this, the Indian economy continued to thrive and we have seen a record number of Indian-owned companies operating in the UK.
“These businesses continue to make a significant contribution to the nation’s economy, both financially and as major employers. Despite economic challenges and uncertainty making it increasingly difficult for businesses, the average annual growth rate of Indian companies in the UK exceeds 20 per cent – demonstrating the resilience of this important segment of the country’s economy.”
The report, developed in collaboration with the Confederation of Indian Industry (CII), finds a record 971 Indian-owned business operating in the UK – up from 954 the previous year.
These 971 companies contribute significantly to the UK economy:
· Employing 118,430 people, up from 105,931 in the 2023 report
· Generating a combined turnover of £68.09 billion, up from £50.5 billion in 2023
· Paying £1.17 billion in corporation tax, compared with £944 million in 2023
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Chandrajit Banerjee, CII Director General, said: “This report highlights the positive and impactful footprint of Indian foreign direct investment in the UK, which is contributing both to the local economy as well as to India. At a time when India is rapidly progressing to becoming the third largest economy in the world, its participation in the UK economy is particularly beneficial.
“The growing footprint of India in the UK underscores the robust state of the bilateral relationship. Going forward we anticipate even closer partnerships between Indian and British business, resulting in mutual prosperity.”
Tata-owned automotive manufacturing company Jaguar Land Rover was also included in the 2024 Tracker after achieving a growth rate of 25 per cent on the previous year. Its inclusion in the list of fastest-growing companies saw the combined turnover of the 2024 Tracker companies rise to £42.80 billion, an increase of over 70 per cent on the 2023 combined turnover of £25 billion.
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Technology, media and telecommunications companies retain their top spot, accounting for the most companies in the Tracker this year – 27 per cent (up from 24 per cent). This is followed by manufacturing and engineering (20 per cent) and pharmaceuticals and chemicals (16 per cent). The financial services sector also made significant strides in this year’s Tracker, accounting for 6 per cent of the fastest-growing companies, up from 1 per cent the previous year – this is the sector’s best showing in the Tracker since 2021.
