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.