British investments in India continue since East India Company

Chennai, 11 August (IANS) – British investment in India, which began in the early 1600s with the entry of the East India Company, continues to expand 75 years after India’s independence.

According to the latest Grant Thornton Bharat Britain Meets India (BMI) 2022 report, the UK remains the sixth largest investor in India with a total investment of around US$31.92 billion in the period 2000-22, which is about 5.4 percent of total foreign investment. direct investment (FDI) in India.

While merger and acquisition (M&A) activity was negligible, 13 deals were completed in the India-UK corridor, including India’s acquisition of Capco by Wipro Ltd, Reliance Group’s acquisition of Faradion Ltd and Bharti Enterprises’ acquisition of Oneweb Ltd, according to the report.

2022 marks 75 years of bilateral relations between the two countries since India’s independence from British rule.

British companies such as Britannia, Unilever, Oxford University Press, HSBC, Amalgamated Metal Corporation, British American Tobacco and GlaxoSmithKline made India their home long before India’s independence and are still household names today.

Despite global uncertainty, British companies continue to view India as an attractive investment destination.

India’s trade in goods and services with the UK increased from US$19.51 billion in 2015 to US$31.34 billion in 2022.

One of the key moments in recent Indo-British economic relations was the groundbreaking of the Indo-British Free Trade Agreement (FTA).

This began with the visit of British Foreign Secretary Liz Truss in early 2021, during which the two countries agreed on the Enhanced Trade Partnership (ETP), the BMI report said.

A meeting between the two governments followed, which laid a further foundation for a free trade agreement and set out a 2030 roadmap for economic relations between the two countries.

As a result of this intervention, trade between India and the UK will double by 2030, the report said.

According to the report, there are 618 British companies in India with a total turnover of around Rs 3,634.9 billion and around 4,66,640 employees.

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