Companies based out of Maharashtra, Karnataka, and Delhi were the top Indian investors in the UK in 2023, says a joint report by the Confederation of Indian Industry (CII) and the Indian High Commission.
In 2023, India was the second largest source market for the UK, bringing in 118 new projects and creating 8,384 jobs.
The report titled ‘Indian Assets: Charting the Journeys of Indian Companies in the UK’, states that companies headquartered in Maharashtra brought in the highest amount of foreign direct investment in the UK (20 per cent), followed by Karnataka (12 per cent) and Delhi (8.6 per cent).
Gujarat (7.1 per cent), Tamil Nadu (6.7 per cent), Telangana (6.5 per cent), Uttar Pradesh (5.9 per cent), Haryana (4.5 per cent), West Bengal (3.14 per cent) and Kerala (3.05 per cent) figure among the top ten states from where companies have invested in the UK. These ten states make up for about 78 per cent of total Indian investment in the UK.
As per the report, companies from the software and information technology sectors were the leading investors in the UK. The other prominent investors were from sectors such as automotive, electric car batteries, diagnostics and healthcare.
West Midlands, London, and the Northwest are the top recipients of Indian investment, and a major chunk of it was in automotive, software, and IT services and energy sectors.
The report also said that new Indian students cumulatively contributed an estimated £4.3 billion to UK universities. This was in the backdrop of a 5 per cent increase in UK student visas over 2022 at 133,237.
Indian high commissioner to the UK Vikram Doraiswami said, “As India and the UK continue to evolve and navigate the complexities of a rapidly changing global landscape, I believe that our businesses, reimagining the India-UK Corridor, will realise our shared vision and aspiration for a secure and sustainable future prosperity.”
CII director general Chandrajit Banerjee said, “Today, Indian companies with operations in the UK have integrated themselves into the British economy, making their mark in industries in almost all leading sectors. Their ability to adapt, innovate, and forge meaningful partnerships has not only propelled their own growth but has also enriched the economy of the UK and its regions, promoting job creation, driving investment, and fostering a culture of diversity and inclusion.”
Bob Blackman MP speaks during the event