London has launched an ambitious Growth Plan to generate GBP 27 billion in additional tax revenue. The plan aims to boost public services across the UK. Mayor Sadiq Khan unveiled the initiative alongside London & Partners, setting a target of 2% annual productivity growth over the next decade. If successful, this could expand London’s economy by GBP 107 billion by 2035.
Meanwhile, India has become London’s top foreign direct investment (FDI) source, overtaking the US in 2022-23 and maintaining the lead in 2023-24. “Foreign direct investment from India has been the fastest growing and has been our number one market for the last two years,” said Laura Citron, CEO of London & Partners.
Indian Tech Firms And Students Drive London’s Growth
Notably, Indian technology firms are expanding their operations in London. At the same time, Indian students are enrolling in record numbers. Official data shows 38,625 Indian students studied in London universities in 2023-24. A decade ago, India’s share of international students in London was under 5%. Now, it exceeds 20%.
Furthermore, experts see this as a positive trend. “Indian students now account for over 20% of international students in London,” said Mark Hertlien, Head of Global Engagement at City St George’s University.
London Innovation Hub Expands, AI And Tech Sectors Gain
Additionally, Indian IT firm Mphasis is expanding in London. It plans to double its workforce through its London Innovation Hub. “This center is a testimony to our commitment to the UK and its vibrant tech scene,” said Ashish Devalekar, Head of Europe at Mphasis.
In response, the London Growth Plan outlines steps to increase productivity and create 150,000 jobs. It focuses on skilling workers, boosting business innovation, improving housing, and upgrading transport.
Importantly, Sadiq Khan said, “This plan unlocks London’s full potential.” He added that the plan aims to raise household income for the lowest 20% by 20%, giving over a million households an extra GBP 50 per week after housing costs.
Also Read: Jammu & Kashmir’s Transformation: Boosting Growth Through Infrastructure
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