The Confederation for British Industry’s latest quarterly economic forecast released on the eve of PM Narendra Modi’s visit has predicted that India will be the fastest growing economy among the G20 by 2017 (7.6%).
The UK is already the single largest G20 investor into India and has invested $22.2 billion between 2000 and 2015 -9% of all FDI in the country.
The confederation said that slower economic growth in China will weigh further on emerging markets, but it is “India which remains a bright spot among more downbeat emerging markets“.
In total, G20 nations invested $73.9 billion in India between 2000-2015 with the UK followed by Japan ($18.3 billion), US ($13.7billion), Germany ($7.6 billion) and France ($ 4.5 billion).
As India’s largest employer, UK companies currently employ around 691,000 people across the country -coutning for 5.5% of the total orga nised private sector jobs.
Between 2000 and 2015, the UK FDI generated around 138,000 direct jobs, 7% of the total 1.96 million jobs generated by FDI in India.
India’s massive talent pool was the main reason for 63% of the British firms to be ieve in India’s potential while India’s recent growth story made 86% of them turn owards the Asian giant.
English being an official anguage has helped too with 53% of the companies relying on it while 40% said it was the country’s stable government.
Madame Tussauds’ to open shop in Delhi
The world famous Madame Tussauds’ is now coming to India. The famous museum of wax sculptures will open in New Delhi in 2017 -its first venture into India. Parent group Merlin announced on Thursday to coincide with PM Narendra Modi’s maiden UK visit that it will invest £50 million in India over 10 years, rolling out other UK favourites -such as Sea Life aquariums and Legoland Discovery Centres -across Indian cities.More than 50 crore people worldwide have visited a Madame Tussauds’ since the original attraction was founded in London -that’s more than the population of North America and Australia combined. Madame Tussauds’ has several Bollywood figures and is a favourite among Indian tourists visiting the UK. Ever since it first opened in 1835, the museum has been home to wax statues of hundreds of A-list celebrities. Kounteya Sinha
Source: TOI 13 Nov’2015