New Delhi: Indian companies are playing an increasingly important role in the British economy, claims a new report by Grant Thornton UK LLP's India Tracker 2014 released in the first week of April 2014. It also said that Indian companies are contributing to positive GDP and employment growth in the country.
The report prepared in association with the Confederation of Indian Industry monitors UK registered businesses with ultimate Indian parent companies and identifies the fastest growing corporates by turnover and employment size. It said that over 700 Indian companies in Britain employed over one lakh people and played an important role in the country's economy. Tata Steel and Tata Motors together employ nearly 60,000 people.
Out of the 700, 41 organisations were identified as registering year-on-year growth rates of more than 10 per cent, with more than half (26 corporates) demonstrating particularly strong growth in excess of 20 per cent.
These 'Top 41', the report suggests, generated combined revenues of around 19 billion pounds.
Despite outliers, such as Tata Motors (accounting for more than 80 per cent of the Top 41 group's total turnover), the group represents a broad range of large corporates (5), mid-sized corporates (17) and SMEs (19) across the UK.