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Grant Thornton Bharat, in collaboration with the Confederation of Indian Industry today unveiled its fourth edition of the ‘Britain Meets India 2024’, underlining the latest trends in UK investments in India. The report identifies 667 UK-owned or controlled companies operating in India, with a collective turnover of approximately INR 5,082 billion and a total workforce of 5,23,460 employees. 162 of these high-performing companies meet the criteria for the exclusive ‘Growth Tracker’. These companies have generated annual revenues exceeding INR 500 million, a year-on-year revenue growth of at least 10%, and a minimum two-year track record of filing with India’s Ministry of Corporate Affairs.
“With the India-UK Free Trade Agreement on the horizon, we expect significant growth opportunities for UK companies in India. Our Britain Meets India tracker showcases not only this potential but also the valuable role UK businesses are playing in supporting India's net-zero goals by 2070, particularly through expertise in renewable energy and climate finance. It also showcases transformative investments across key sectors such as education, technology, and infrastructure, which are crucial for India’s long-term growth.”
Pallavi Bakhru
Partner and Head of the India-UK Corridor, Grant Thornton Bharat
In an impressive upward trend, the average growth rate of companies within the Growth Tracker reached 71%, up from 46% in 2023, pointing to the increasing scale and influence of British enterprises. Business services emerged as the top sector, reflecting India's expanding consumer market and skilled workforce. Maharashtra alone accounts for hosting 36% of UK companies in India, with Delhi NCR, Karnataka, and Tamil Nadu also emerging as major hubs, showcasing the broad and diverse footprint of UK investments.
A key driver of economic ties between the two nations is the role of UK MSMEs (micro, small, and medium-sized enterprises), which make up 63% of UK businesses operating in India. These MSMEs are particularly active in business services, contributing 24.4% of the combined turnover of micro and small enterprises. Other prominent sectors include industrial products (16.4%), media and telecom (13.6%), technology (12.4%), and financial services (6.5%).
"The UK-India relationship is a shining example of a thriving partnership, with trade and investment valued at £42 billion and over 700,000 million jobs supported across both economies. As we look to the future, the potential for growth is immense, with India projected to have the third-largest economy by 2030 and a burgeoning middle class driving consumer spending. We're poised for a once-in-a-generation revolution in sectors like net zero, AI, healthcare, and life sciences - and together, the UK and India can lead the way."
Harjinder Kang
His Majesty’s Trade Commissioner for South Asia and Deputy High Commissioner for Western India
Reflecting on future potential, the report examines the steady outbound investment flow from India to the UK, with recent high-value deals such as Bharti Global’s USD 4 billion investment in British Telecom Group. The partnership in climate action is also emphasised, with UK-led projects in India’s renewable energy sector, including a GBP 2 billion commitment to solar initiatives by Lightsource BP and USD 89 million in clean energy from British International Investment (BII). These collaborative efforts represent a significant step forward in supporting India's net-zero ambitions, reinforcing the UK’s position as a vital partner in India’s sustainable transition.
About the ‘Britain Meets India Tracker 2024’
The Britain Meets India (BMI) 2024 report, developed by Grant Thornton Bharat in partnership with the Confederation of Indian Industry (CII) and supported by the UK government’s Department for Business and Trade (DBT), identifies the fastest-growing UK businesses operating in India, ranked by growth and employment generated. It also provides insights into the most popular Indian states for British investment, key industry sectors, and the impact of UK businesses on the Indian economy.
The press release first appeared in The Hindu on 13 November 2024
