Karnataka among top 3 Indian states bringing in foreign direct investment into UK

News Network
June 8, 2024

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London: Maharashtra followed by Karnataka and Delhi are the top three states of India bringing in foreign direct investment (FDI) into the UK, according to a new joint report produced by the Confederation of Indian Industry (CII) and the High Commission of India in the UK.

Indian Assets: Charting the Journeys of Indian Companies in the UK, launched in London earlier this week, revealed that companies headquartered in Maharashtra brought in the highest amount of FDI into the UK at 20 per cent in 2023, followed by Karnataka (12 per cent) and Delhi (8.6 per cent).

Completing the top 10 tallies are the states of Gujarat (7.1 per cent), Tamil Nadu (6.7 per cent), Telangana (6.5 per cent), Uttar Pradesh (5.9 per cent), Haryana (4.5 per cent), West Bengal (3.14 per cent) and Kerala (3.05 per cent) -- making up 78 per cent of the total FDI from India into the UK.

“As India and the UK continue to evolve and navigate the complexities of a rapidly changing global landscape, I believe that our businesses reimagining the India-UK corridor will realise our shared vision and aspiration for a secure and sustainable future prosperity,” said  Vikram Doraiswami, the Indian High Commissioner to the UK, who launched the report in London.

The analysis finds the leading sector bringing in FDI from India in terms of the number of companies and employees is IT and software, highlighting the achievements of Indian companies in the UK across sectors such as automotive, electric car batteries, diagnostics and healthcare, and technology.

It also spotlights the positive impact Indian companies can have on heritage British brands and how the value of these legacy brands is retained and protected when acquired by Indian companies.

“Today, Indian companies with operations in the UK have integrated themselves into the British economy, making their mark in industries in almost all leading sectors. Their ability to adapt, innovate, and forge meaningful partnerships has not only propelled their growth but has also enriched the economy of the UK and its regions, promoting job creation, driving investment, and fostering a culture of diversity and inclusion,” said CII Director General Chandrajit Banerjee.

Among some of the other findings of the report, new Indian students cumulatively contributed an estimated GBP 4.3 billion (Rs 45,611 crore) to UK universities against the backdrop of a 5 per cent increase in UK student visas last year.

It also showcases the robust relationship that Indian companies have across different UK regions, with the West Midlands, London and the north-west being the top recipients of Indian FDI in the UK across the fields of automotive, software and IT services and energy.

According to the latest official data from the UK’s Department of Business and Trade, total trade in goods and services (exports plus imports) between the UK and India was GBP 39.0 billion (Rs 4.1 lakh crore) in the four quarters to the end of Q4 2023, an increase of 4.8 per cent or GBP 1.8 billion (Rs 19,093 crore) in current prices from the four quarters to the end of Q4 2022.

India was the UK’s 12th-largest trading partner and the second-largest source market for the UK, bringing in 118 new projects and creating 8,384 jobs.

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News Network
July 16,2024

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Bengaluru, Jul 16: Karnataka Deputy Chief Minister, DK Shivakumar expressed his displeasure over the Central Bureau of Investigation's (CBI) handling of his Disproportionate Assets (DA) case, stating that the agency was overstepping its limits.

Speaking to the media on Tuesday at the Vidhana Soudha in Bengaluru, Dy CM Shivakumar said, "The state government has referred the same case to the Lokayukta, which is currently investigating it. I don't understand why the CBI is going beyond its limits in their investigation."

He added, "I will meet them personally soon and convey my objections. I have done nothing wrong, and they are trying to harass many unconnected people. I'm confident that I've done nothing wrong."

When asked about Union Minister for Heavy Industries and Steel, HD Kumaraswamy's criticism over the all-party meeting on the release of Cauvery water to Tamil Nadu, Dy CM Shivakumar accused him of not taking interest in the Cauvery dispute.

He is not bothered about the interests of Karnataka, he stated.

"Kumaraswamy only makes allegations in a dramatic style. He is nursing a grudge against me and harbouring envy. He has been doing this since the beginning, which is why I'm asking him for a discussion," he stated.

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News Network
July 18,2024

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Bengaluru: The opposition BJP in Karnataka on Thursday (July 18) warned the Congress government in the state to be prepared for the wrath of the people if it fails to table the bill that mandates reservations for Kannadigas in the private sector in the ongoing Legislative session.

The party slammed Chief Minister Siddaramaiah for taking an U-turn on the Karnataka State Employment of Local Candidates in the Industries, Factories and Other Establishments Bill, 2024, which was cleared in the Cabinet meeting on Monday and put on hold late Wednesday night after uproar by the industry.

Clarifying on the decision to hold back the bill, Siddaramaiah said on Wednesday that the draft bill intended to provide reservations for Kannadigas in private sector companies, industries, and enterprises is still in the preparation stage.

A comprehensive discussion will be held in the next Cabinet meeting to make a final decision, he said.

BJP state president B Y Vijayendra in a post on 'X' asked, "Why did you bring the bill to give employment to the kannadigas? Why did you hold it back? Why mess with the lives of Kannadigas? Do you need Kannadigas to insult?" "Let the government present the job reservation bill for Kannadigas, which has given hope to lakhs of unemployed people in rural areas who were deprived of job opportunities despite their qualifications, in the current session, or else be ready to face the anger of Kannadigas," the Shikaripura MLA said.

Vijayendra condemned the 'cowardly decision' of putting the bill on hold which 'insulted Kannada-Kannadiga-Karnataka'. The bill aims to provide employment to Kannadigas.

The BJP leader sought to know why the government, which had moved forward to address the demand of the pro-Kannada fighters, after many years of struggle to protect the employment rights of the children of this land, gave up within a day.

It seems that the lobby of the anti-Karnataka forces, which suppress the self-respect of the country, the self-esteem of the Kannadigas, has prevailed over the chief minister, forcing him to take a 'U-turn' three times within a day, Vijayendra alleged.

"Fearing the split in the INDI Alliance, Delhi's big 'hand' must have tied the hands of the chief minister, otherwise how can he take an escapist decision to sideline the bill that will improve the lives of Kannadigas?" the BJP state president said.

The people of the state will never forgive the Congress leaders if the Congress government and the chief minister held back the 'pro-Kannada bill' in an attempt to divert public attention and also mislead the investigation into the Karnataka Maharshi Valmiki Scheduled Tribes Development Corporation (KMVSTDC) and Mysuru Urban Development Authority (MUDA) scams that have rocked the state, he said.

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News Network
July 22,2024

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Rights groups and social media frequenters react to US President Joe Biden’s decision to cancel his re-election bid, saying he will be remembered by how he facilitated the Israeli regime’s ongoing war of genocide against Palestinians.

The reactions began pouring in on Monday, immediately after Biden announced in a letter on social media that he was stepping aside as a candidate for the 2024 presidential election.

The decision came following a disastrous performance at a debate also featuring arch-rival Donald Trump that raised questions concerning Biden’s capability to run another term.

Commenting on the decision, however, the US Campaign for Palestinian Rights Action (USCPR), a rights group, said, “It was not Biden’s failed debate that showed he is unfit to lead. It was the tens of thousands of bombs he sent to kill Palestinian families.”

Biden had “repeatedly funded, armed, and backed Israel’s mass slaughter of the Palestinian people,” the USCPR said, adding, “Nothing will erase the fact that” Biden’s “legacy is – and always will be – GENOCIDE.”

Jeremy Scahill, co-founder of Drop Site, an independent news website, and a former journalist at The Intercept, an online American news organization, chimed in.

“When I read the lionizing of Biden, emphasizing his decency and heroism, all I can think of is that little girl in Gaza whose jaw was blown off and all the other Palestinian children who were dismembered, burned alive, murdered with US weapons in a war Joe Biden facilitated,” he wrote on X.

The group was referring to the United States’ sustaining and even invigorating its already unfaltering arms support for the Israeli regime during the war, which has so far killed nearly 39,000 people and wounded some 90,000 others.

Owen Jones, author and activist, likewise underlined that Biden had the blood of tens of thousands of Palestinians on his hand, calling him “A monster, who belongs in jail.”

“Israel would never have been able to raze Gaza to the ground without him,” Jones noted, adding, “…if hell exists, that man would have a first class ticket there.”

Human rights campaigner Sophie McNeill echoed the criticism, saying, “The next Democratic nominee must end their support for this criminal war.”

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