Grant Thornton ‘Britain Meets India’ report launched
Grant Thornton in collaboration with Confederation of Indian Industry (CII) released the inaugural edition of the Britain meets India Report 2021 virtually on Wednesday, 17 February 2021. The Tracker includes UK-owned corporates with operations headquartered or with a significant base in India, with turnover of more than £5 million, year-on-year revenue growth of at least 10% and a minimum two-year track record in India. The Tracker also highlights the top Indian employers – those companies that employ more than 1,000 people in India. This report comes on the back of the highly popular ‘India meets Britain’ Tracker report which has been jointly produced by CII and Grant Thornton UK for the past 7 years.
Speaking at the virtual launch event were:
- HE Alexander Ellis CMG, British High Commissioner to the Republic of India
- HE Gaitri Issar Kumar IFS, High Commissioner of India to the United Kingdom
- Sandeep Chakravorty, Joint Secretary (Europe West), Ministry of External Affairs, Government of India
- Lord Karan Bilimoria, Founder and Chairman, Cobra Beer and President of the Confederation of British Industry (CBI)
- Sanjiv Bajaj, Vice President, CII and Chairman & Managing Director, Bajaj Finserv Ltd
- Pallavi Joshi Bakhru, Partner and India-UK Corridor Leader, Grant Thornton Bharat
- Vishesh C. Chandiok, CEO, Grant Thornton Bharat
- Anuj J. Chande, Head of South Asia Group, Grant Thornton UK
About the ‘Britain Meets India’ report
Grant Thornton’s ‘Britain Meets India’ report identifies the top UK companies in India in terms of revenue, growth and employment. It provides an insight into their geographic preferences, sectors and the impact they have on the Indian economy. 572 UK companies in India were identified for the Britain Meets India (BMI) report, with a combined turnover of around INR 3,390 billion in 2019-20.
The UK is currently the sixth largest investor in India, with a cumulative inflow (2000–2020) estimated at USD 29.5 billion, which represents about 6% of the total FDI into India. India has undertaken bold economic reforms in many areas, which has catapulted India’s rank in ease of doing business to 63 in 2019 from 77 in 2018. This has enhanced India’s attractiveness as an investment destination.
On the other hand, post Brexit, there is an increased interaction between India and the UK to strengthen the trade and economic partnership. Thus, this corridor has an important role to play in ensuring that businesses on both sides get the support they need to increase their commercial footprint.
Key highlights of the report
- 91 companies, with an average growth rate of 26%, feature in the 2021 list of fastest growing UK companies in India
- Fastest growing company is Dyson Technologies, followed by Aviva Life Insurance Company
- Highest revenue earner is Vedanta Ltd while the top employer is G4S Plc
- USD 26.7 billion: India’s trade in goods and services with the UK in 2020
- INR 173 billion: Total tax paid by the UK companies in India in 2019-20
- 416,121 people directly employed by the UK companies
Grant Thornton Bharat and Grant Thornton UK have been working closely in the India-UK corridor for nearly three decades to identify growth and expansion opportunities for companies in both the countries.
Grant Thornton’s annual ‘India Meets Britain’ tracker, now in its seventh edition, identifies the fastest growing Indian companies in the UK and the top Indian employers in the UK.
Click here to download a copy of the Britain Meets India Tracker report.
