New Delhi, March 9 (IANS) India has emerged as the leading investor in London’s ambitious new “growth plan,” which aims to boost the city’s economy and generate an additional 27 billion pounds in tax revenue.
According to reports, this revenue will be used to support essential public services across London and the UK.
The plan, unveiled by London Mayor Sadiq Khan and growth agency London & Partners, seeks to increase productivity by 2 per cent annually over the next ten years.
The report added that if successful, this could make London’s economy 107 billion pounds larger by 2035.
India has shown strong economic engagement with London over the past three years.
It surpassed the United States to become the city’s largest FDI contributor in 2022-23, a trend that continued in 2023-24.
According to Laura Citron, CEO of London & Partners, Indian technology companies have been expanding their operations in London at a rapid pace.
She also noted that Indian students and tourists have become a major part of London’s international community.
Official data for 2023-24 shows that 38,625 Indian students were studying in London, a significant rise over the past decade.
Their share of all international students in the city has grown from under 5 per cent to over 20 per cent.
Mark Hertlien, Chair of the International Network at London Higher, welcomed this trend and said Indian students create lasting connections between the two nations.
The business sector has also seen a strong Indian presence.
Ashish Devalekar, a senior executive at Indian IT giant Mphasis, highlighted London’s importance as a global innovation hub.
He mentioned that Mphasis has been expanding its operations in London and plans to double its workforce through its newly opened London Innovation Hub.
This centre will focus on advanced technologies like artificial intelligence and quantum computing.
The London growth plan has been developed in collaboration with businesses, trade unions, and local communities.
It aims to revive productivity, which has remained stagnant since the 2008 global financial crisis.
The plan focuses on developing skilled talent, supporting business innovation, improving housing and infrastructure, and strengthening London’s local high streets.
–IANS
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