India’s trade in goods and services with the UK increased to $31.34 billion in 2022 from $19.51 billion in 2015. In January, India and the UK formally launched talks for an FTA and have set the deadline for concluding talks by Diwali.
“One of the key highlights of the India-UK economic relationship during this period was laying the groundwork for the India-UK FTA…As an outcome of these interventions, trade between India and the UK is expected to double by 2030,” they said in the report.
As per the report, there are 618 UK companies in India, with a combined turnover of approximately Rs 3,634.9 billion, and around 4,66,640 employees.
58 of these 618 companies featured in the report’s Growth Tracker (companies with turnover greater than Rs 500 million and 10% year-on-year growth) – these fast-growing UK companies achieved an average growth of 36.3% which is a 10% jump from 2021 where fast-growing UK companies clocked an average growth rate of 26%.
The UK remained the sixth-largest investor in India, with a cumulative investment of about $31.92 billion in 2000-22. This constituted around 5.4% of the total foreign direct investment into India.
Despite low-key merger and acquisition activity, the India-UK corridor witnessed 13 deals including India’s
acquiring Capco, Group acquiring Faradion Ltd and Bharti Enterprises acquiring Oneweb Ltd, Grant Thornton Bharat and CII said.
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