India emerges as the 2nd largest investor in London
India has come up as the 2nd largest investor in the city of London with Indian companies led by software major Infosys with the investment eagerness generated by the 2012 Olympic Games in the British capital.
Infosys leads the inward Foreign Direct Investment (FDI) made by a total of 28 Indian companies, which generated 429 additional jobs for the British economy in 2012.
Major sectors of growth:
- India has registered exceptional growth in the common areas of interest, such as transport and city planning.
- India brought in a large amount of additional 2.5 billion-pound foreign investment into the UK since the Games and Indian FDI projects in 2012-13 are estimated to generate 24 million pounds in gross value added for London’s economy over the next 3 years.
- Information and communications technology (ICT) was the key sector in terms of Indian FDI into London, followed by financial services and retail.
- In the financial services sector Axis Bank stood out for setting up its global operations in London as it has the right mix of potential wholesale and retail business to make it the ideal location for their first international subsidiary.
The latest figures were released as part of an overall estimate of the economic impact of the Olympic Games on London’s economy. British government research indicated that the UK economy has seen a 9.9 billion-pound boost in trade and investment from hosting the Games.
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Month: Current Affairs - July, 2013