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The India meets Britain Tracker, developed in collaboration with the Confederation of Indian Industry, identifies the fastest-growing Indian companies in the UK. For 11 years it has tracked the evolving relationship between the two countries and the contribution of Indian-owned businesses to the UK. In a record-breaking year, 100 of those companies have revenue growth of at least 10%.
These 100 companies – the highest number ever in the Tracker – reported combined turnover of £42.8 billion and achieved an average annual growth rate of 48%. Together, they paid £473.6 million in corporation tax and made capital expenditure investments of £1.4 billion. They form part of the wider picture of Indian-owned businesses in the UK, which together employ over 118,000 people across the country. The total number of businesses, their combined turnover and the amount they contribute in terms of corporation tax were all up on last year's Tracker.
Of the 100 fastest-growing Indian companies, 27% are in technology and telecoms, while engineering and manufacturing companies represent 20% of companies. Hospitality and leisure companies particularly benefitted from a full year’s trading under normal conditions. This year, they represent 10% of Tracker companies, including five in the top 30.
The fastest-growing companies are focused in London (52%). This is the first time since 2021 that more than half of all the Tracker companies have been based in the capital. Outside London, the South is the most popular region, with 18% of all Tracker companies, followed by the North, where 16% of Tracker companies are located.
Trade between the UK and India continued to grow strongly. In 2023, total trade in goods and services was over £38 billion, an increase of 8.7% on the previous year. As a result, India is currently the UK’s 12th largest trading partner.
Throughout the year, negotiations on the anticipated free trade agreement continued between the two countries – currently the fifth and sixth largest economies in the world. The deal has the potential to increase bilateral trade to more than $100 billion by 2030.
India’s global influence is set to expand as the country’s economic clout grows. With the OECD forecasting GDP growth of 6.5%, India will be the fastest-growing economy in the world in 2024. It is set to become the third-largest economy in the world by 2028. As India grows as an economic power we expect to see the number of Indian-owned companies in the UK, and the contribution they make to the economy, grow as well.