UK Businesses Drive Growth in India, Generating Over Rs 5,000 Bn Revenue: Report

New Delhi: UK businesses are playing a significant role in India's ecomic development, with 667 UK-owned companies contributing Rs 5,082 billion in revenue and employing over 523,000 people, according to latest Britain Meets India 2024 report, released by Grant Thornton Bharat in collaboration with Confederation of Indian Industry (CII).

report showcases expanding footprint of UK companies in India. It identifies top 162 high-performing firms with exclusive growth criteria, collectively surpassing an annual revenue of Rs 500 million and achieving at least 10 per cent growth year-on-year.

Sectors like education, techlogy, and infrastructure are seeing table UK investments, supporting India's long-term ecomic and sustainability goals.
Pallavi Bakhru, Partner and He of India-UK Corridor at Grant Thornton Bharat, said, "With India-UK Free Tre Agreement on horizon, we expect significant growth opportunities for UK companies in India. 

Our Britain Meets India tracker showcases t only this potential but also valuable role UK businesses are playing in supporting India's net-zero goals by 2070, particularly through expertise in renewable energy and climate finance."

Companies featured in Growth Tracker saw an aver growth rate of 71 per cent, up from 46 per cent in 2023, showcasing ir increasing influence. business services sector led expansion, reflecting India's skilled workforce and rising consumer market.

Maharashtra emerged as a major hub, housing 36 per cent of UK businesses, while Delhi NCR, Karnataka, and Tamil Nu are also popular regions for British investments. Nearly 63 per cent of UK firms in India are MSMEs (Micro, Small, and Medium-sized Enterprises), with business services, industrial products, media, telecom, and techlogy sectors among top contributors.

report underscores UK companies' critical role in India's renewable energy sector. British International Investment (BII) has committed USD 2.2 billion to India and plans an ditional USD 1 billion by 2026 for climate projects, while Lightsource BP invested GBP 2 billion in Indian solar initiatives.

UK-India partnerships in tech and telecom are growing, with recent initiatives like Techlogy Security Initiative boosting collaborative research in Open RAN systems and 6G development, vancing telecom security and infrastructure.

Fifteen UK firms in India recorded triple-digit revenue growth this year. Vedanta Ltd. stands as largest UK company by revenue, generating over INR 1,501 billion in 2024.

Harjinder Kang, His Majesty's Tre Commissioner for South Asia, said, , “ UK-India relationship is a shining example of a thriving partnership, with tre and investment valued at £42 billion and over 700,000 million jobs supported across both ecomies.”

He ded, "As we look to future, potential for growth is immense, with India projected to have third-largest ecomy 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 toger, UK and India can le way."