Leading Indian companies build UK presence, boosting levelling-up agenda

Following Boris Johnson’s most recent visit to India, £1bn in new commercial deals were announced, aiming to generate 11,000 new jobs in the UK. Crucially, this included leading Indian businesses developing a physical presence in some of the most deprived areas in Britain – helping to generate employment opportunities and contributing to the government’s levelling-up agenda. These businesses are likely to expand their operations in the UK with time, and a Free Trade Agreement with India potentially worth an extra £28bn is on the horizon, meaning that the projected 11,000 jobs are just the beginning; India will be a key player in helping to regenerate often overlooked regions across the UK.

Specifically, leading Indian business consultancy, FirstSource, is set to open new offices in South Wales, the Midlands and cities in the North-East and North-West, with hopes to boost employment opportunities, economic growth and regeneration in these areas. Additionally, software company, Mastek, is set to invest £79 million to create 1600 jobs in the UK over the next three years. This is set to generate equal opportunities throughout deprived regions, whilst improving economic dynamism and fostering innovation to drive growth across the entire country.

The UK is one of many economies in the West focussing on forging stronger ties with India, as their global exports hit a record high of $421.8 billion during the last financial year and are projected to surge to $1 trillion by 2030. Aside from assisting with the government’s levelling-up agenda, the economic powerhouse also represents an opportunity in terms of assisting with the UK’s skills shortage – which is currently the worst on record. India boasts an impressive talent pool in the tech sector, with 25% of engineers worldwide hailing from the country.

Gaurav Singh, founder of JPIN, comments on why the UK–India trade agreement is crucial to the levelling-up agenda:

“India has attracted the attention of some of the most well-known markets in the world and could be the crucial to Britain’s levelling-up scheme. The country is a powerhouse in tech innovation and continues to drive software engineering around the world. By establishing Indian businesses and their bases here in the UK, economic productivity could increase exponentially.

“A trade deal with India is vital for the government’s levelling-up agenda. London has long been known as a leading tech hub, and it’s about time to expand this success into other regions of the UK. The FTA is set to help regional areas garner further investment and employment opportunities, especially through digital innovation. This is a really exciting time for regional areas across the country, as throughout the next decade, we will certainly see major improvements in the regeneration of the UK’s most deprived areas.”