MSMEs Account For 68% Of 635 UK Firms In India: Report

New Delhi, Oct 9 (KNN) A total of 68 per cent of 635 United Kingdom (UK) companies in India are micro, small and medium enterprises (MSMEs), as per a joint report released by Grant Thornton Bharat and the Confederation of Indian Industry (CII) on Monday.

From this share over 60 per cent have their parent headquartered in London, UK.

The Britain Meets India (BMI) 2023 report identified the fastest-growing UK businesses operating in India, ranked by growth and employment generated. It stated that the technology sector is the dominant force among 635 United Kingdom (UK) companies operating in India.

Supported by the UK government’s Department for Business and Trade (DBT), the report stated, “This trend aligns with the growth of Global Capability Centres (GCCs) across India, making it a hub for large UK retail giants.”

India's reputation for innovation and a skilled workforce of coders, engineers, and software developers have contributed to its appeal as a GCC hub.

Pallavi Joshi Bakhru, Partner and India-UK Corridor Leader, Grant Thornton Bharat said, “With the India-UK FTA having the potential to further strengthen bilateral partnership and boost economic prosperity on both sides, the BMI report offers clean insights into the business camaraderie that exists between the two nations.”

Deepak Shetty, CEO and Managing Director of JCB India and Chairman, CII Infrastructure Council said that an FTA would certainly provide a fillip to this already strong bond, and CII looks forward to the early completion of the negotiations.

In recent years, the UK-India economic partnership has strengthened significantly, resulting in increased trade and investment flows. The report underscored the potential of the India-UK relationship, especially in sectors such as defence, infrastructure, clean energy, health, technology and innovation.  (KNN Bureau)