India Takes the Lead as Top Investor in London’s Growth Initiative
Click to start listening
Synopsis
India has become the foremost investor in London's new growth initiative, aimed at boosting the economy and generating an additional £27 billion in tax revenue for essential public services.
Key Takeaways
- India is the leading investor in London's growth plan.
- The plan aims to generate an additional £27 billion in tax revenue.
- Productivity is set to increase by 2% annually over the next decade.
- Over 38,000 Indian students are currently studying in London.
- Mphasis plans to double its workforce in London.
New Delhi, March 9 (NationPress) India has emerged as the top investor in London’s ambitious new "growth plan," which seeks to enhance the city's economy and generate an additional 27 billion pounds in tax revenue.
This revenue will support vital public services throughout London and the UK, as per reports.
The plan, introduced by London Mayor Sadiq Khan and the growth agency London & Partners, aims to increase productivity by 2 percent annually over the next decade.
If successful, this initiative could expand London's economy by 107 billion pounds by 2035.
India has demonstrated significant economic involvement with London over the last three years.
In 2022-23, it outpaced the United States to become the city’s largest FDI contributor, a trend that has continued into 2023-24.
According to Laura Citron, CEO of London & Partners, Indian tech firms have been rapidly increasing their presence in London.
She also pointed out that Indian students and tourists have become a significant part of London’s international landscape.
Official statistics for 2023-24 indicate that 38,625 Indian students are currently studying in London, a remarkable increase over the past decade.
Their proportion of all international students in the city has escalated from under 5 percent to over 20 percent.
Mark Hertlien, Chair of the International Network at London Higher, embraced this trend, noting that Indian students forge enduring connections between the two nations.
The business landscape has also witnessed a robust Indian presence.
Ashish Devalekar, a senior executive at Indian IT giant Mphasis, emphasized London's role as a global innovation hub.
He stated that Mphasis is expanding its operations in London, intending to double its workforce at its newly established London Innovation Hub.
This center will concentrate on advanced technologies such as artificial intelligence and quantum computing.
The London growth plan has been crafted in collaboration with businesses, trade unions, and local communities.
It strives to rejuvenate productivity, which has remained stagnant since the 2008 global financial crisis.
The plan emphasizes developing skilled talent, fostering business innovation, enhancing housing and infrastructure, and fortifying London’s local high streets.
