India Second Largest International Creator of Jobs in UK
Indian companies have set up 3,999 new jobs in the United Kingdom in 2016-17, according to UK Trade and Investment.
India is the second-largest international job creator after the United States in the United Kingdom, official data said. Indian companies have set up 3,999 new jobs in the United Kingdom in 2016-17, while safeguarding the existing 7,645 jobs. This was done by setting up 127 foreign direct investment projects in the same year, according to UK Trade and Investment (UKTI),
Meanwhile, United States generated 24,607 jobs in 2016-17 across 557 projects, besides shielding 7,197 jobs, revealed data from the Department for International Trade, reported India Today. China generated 3,326 jobs in the United Kingdom while safeguarding 1,444 existing jobs. However, China has a higher investment in the United Kingdom than India. India is the third-largest investor in the United Kingdom after the United States and China.
In a joint report, the Confederation of India Industry and Grant Thornton said that Indian companies are investing more in the United Kingdom than in the European Union. At least, 10 per cent of the Indian companies in the UK are listed on the London Stock Exchange, as per the report.
The Indian High Commissioner in London stated that Indian companies have created over 1,10,000 jobs in the United Kingdom so far. Currently, there are 12 Indian companies employing over 1,000 people. These companies will gain importantance for the United Kingdom after Brexit.
Indian Prime Minister Narendra Modi who is in the United Kingdom currently told UK Prime Minister Theresa May on April 18 that there will be no dilution in the importance of the UK to India after it leaves the EU. Modi and May had “fruitful discussions” on multiple aspects of India-UK relations and issues like counter-terrorism, radicalization and online extremism, according to official statements.
“Wonderful meeting with Prime Minister Theresa May at 10 Downing Street. We had fruitful discussions on multiple aspects of India-UK relations,” Prime Minister Modi tweeted after the meeting. Ministry of external affairs spokesperson Raveesh Kumar said Modi and May talked on multiple issues, including redefining and infusing new energy into the bilateral engagement post-Brexit.
“Prime Minister Modi said there would be no dilution in the importance of the United Kingdom to India post-Brexit. He said the City of London was of great importance to India for accessing the global markets and would remain so,” a Downing Street spokesperson said.
“The Prime Minister May updated Prime Minister Modi on the progress of the UK’s withdrawal from the EU, saying the implementation period agreed in March gives Indian companies and investors the confidence that market access will continue on current terms until the end of 2020,” the spokesperson added.