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
October 22,2024

Mangaluru, Oct 22: A Mangaluru resident has fallen victim to a ₹20 lakh scam after being lured into a fraudulent investment scheme by individuals posing as representatives of J.P. Morgan India. The case, filed at Kadri police station, highlights the growing threat of investment fraud in the region.

The victim, whose identity has not been disclosed, was contacted on September 24 by a man named Vishwanathan, who falsely introduced himself as the Chief Investment Strategist for J.P. Morgan India. Shortly after, a woman named Neeta Sharma reached out, using multiple phone numbers to convince the victim of her association with the prestigious financial firm. She shared a company link and urged the victim to invest ₹20 lakh, promising high returns.

On October 14, after being convinced by Neeta's claims, the victim transferred ₹20 lakh to the fraudulent account. Following this, Neeta instructed the victim to purchase 1,000 shares at ₹240 per share, which he did. The next day, she advised buying 7,900 more shares at ₹250.95 each, further strengthening her false credibility.

However, trouble arose when Neeta told the victim to withdraw the invested amount. Instead of receiving the full sum, the victim was sent only ₹1,500, transferred from an unknown account. When questioned, Neeta could not provide a clear explanation for the discrepancies.

Sensing the deceit, the victim demanded a full refund of his investment. Neeta, however, brazenly asked for an additional ₹4 lakh, prompting the victim to realize the extent of the fraud. He then filed a formal complaint with the Kadri police.

This incident serves as a critical reminder for the public to remain vigilant against fraudulent schemes, particularly those involving investment promises from unverified sources. Always ensure that you verify the legitimacy of financial institutions and representatives before transferring funds. 

The Kadri police are investigating the case and have urged the public to stay alert and report any suspicious investment schemes.

Tips to Protect Yourself from Investment Scams:

1.    Verify Credentials: Always cross-check the credentials of anyone claiming to represent a reputable financial institution. Use official contact information from the company's website to verify.

2.    Be Skeptical of Unsolicited Offers: Be cautious of unexpected investment offers, especially those that promise unusually high returns.

3.    Conduct Thorough Research: Before investing, investigate the company and the proposed investment thoroughly. Look for reviews, ratings, and any red flags.

4.    Report Suspicious Activity: If you suspect a scam, report it immediately to local authorities or financial regulatory bodies to prevent further fraud.

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News Network
October 8,2024

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In her debut electoral contest, Vinesh Phogat, a celebrated wrestler-turned-politician, has secured a decisive victory for the Indian National Congress in the Julana assembly constituency of Haryana. Phogat garnered approximately 65,080 votes, defeating Bharatiya Janata Party (BJP) candidate Captain Yogesh Kumar by a margin of over 6,000 votes. This win marks a significant turnaround for Congress, which had faced defeat in Julana for the last three assembly elections and had only won the seat four times since 1967.

Phogat's victory also saw her outpace the incumbent MLA, Amarjeet Dhanda, a Jannayak Janta Party (JJP) leader. The results of the Haryana Assembly elections were officially announced on Tuesday, October 8.

Phogat, who transitioned into politics after her wrestling career, had been disqualified from competing in the 2024 Paris Olympics gold medal match due to weight category issues. Many speculated that she had been “deliberately defeated” in the competition, while Phogat herself alleged that the Union government had failed to provide her with adequate support.

In the aftermath of her disqualification, Phogat filed an appeal with the Court of Arbitration for Sports (CAS), seeking to share the silver medal with Cuban wrestler Yusneylys Guzmán Lopez, whom she had defeated in the semi-finals. Four pro bono lawyers in Paris submitted the protest appeal on her behalf. The Indian Olympic Association (IOA) also sought more time to appoint legal representation. However, despite days of deliberation, the CAS ultimately dismissed the appeal.

On September 6, shortly after her sporting career came to an end, Phogat, along with fellow wrestler Bajrang Punia, formally joined the Congress party. Reflecting on her decision, she remarked that she had not retired from wrestling during the Jantar Mantar protests in order to inspire young girls and women. “The whole country thought I would retire during the protests because the BJP IT cell tried to paint us as troublemakers, as though we were finished and only playing politics,” Phogat stated.

Vinesh and Punia were at the forefront of protests against Brij Bhushan Sharan Singh, the Wrestling Federation of India (WFI) chief and BJP MP, who faces multiple allegations of sexual harassment. The protests, which took place at Jantar Mantar in New Delhi last year, were met with significant police aggression.

During the protests, Phogat had publicly accused Singh of subjecting her to severe mental harassment, to the point where she struggled with suicidal thoughts. Despite these personal battles, she persisted, even as the Indian Olympic Association president and former athlete PT Usha accused the wrestlers of “tarnishing India’s image” during the protests.

In a candid reflection on her retirement, Phogat shared, “Many urged me not to retire, but I had to ask myself – for what purpose should I continue wrestling? There is politics everywhere. Now, I want to do politics that can bring real change, to fight for the future of our children and stand by them when it matters.”

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News Network
October 17,2024

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US and British warplanes have bombed Yemen's capital city of Sana'a and several other areas, amid the country’s solidarity with the Palestinians in the besieged Gaza Strip and the Lebanese nation in the face of Israel's brutal aggression.

Yemen's al-Masirah television network said the US-British aggression targeted the al-Hafa and Jirban areas in the north and south of the capital with six airstrikes on Thursday morning.

The television network also said the warplanes struck the northwestern Yemeni city of Sa'ada as well as the Kahlan and al-Abla areas east of the city.

The US military has used "B-2 stealth bombers for the 1st time in airstrikes on Yemen,” the television network said.

Yemen's official Saba Net news agency reported that US-British aggression aircraft launched 15 raids on the capital Sana'a and the Sa’ada province.

The agency cited a security source as saying that the aircraft targeted with six raids the areas in the north and south of the capital, and launched nine raids in Sa'ada.

A US defense official confirmed that the strikes were conducted using the B-2 bomber, which is usually deployed to strike areas heavily defended by air defense systems.

Source: Airstrikes did not hit weapons depots 

A Yemeni military source told the Lebanese Al-Mayadeen TV channel that the airstrikes did not hit weapons depots belonging to Yemen's Ansarullah, and did not affect their capabilities as claimed by the Pentagon.

The source said the use of B-2 stealth bombers in the attacks indicates "panic" in the US military over the possibility of its drones being shot down in Yemeni airspace, after several MQ-9 drones were shot down by the Houthi movement in recent months.

Any American-British aircraft or weapon used to strike Yemen "cannot neutralize the strategic weapons that the Yemeni army has prepared and continues to prepare and develop," the source said.

He added that attacks on Yemen will not succeed in forcing the Ansarullah movement to stop its support of Gaza and Lebanon.

Nasreddin Amer, Deputy Minister of Information in the Sana'a-based administration, condemned the American and British aggression, saying, “The position of the Yemeni nation toward Palestine and Lebanon will not change with these attacks.”

Amer stressed that the United States will “pay the price” of the dawn aggression against Yemen.

"We confirm that the American aggression will not pass without a response," said a statement from Ansarullah's political bureau.

Earlier on Tuesday, US and British forces conducted four airstrikes on the al-Luhayyah district in Hudaydah Province, in western Yemen. The day earlier, they carried out two airstrikes on the al-Salif district in western Hudaydah.

Yemenis have declared their open support for Palestine’s struggle against the Israeli occupation since the regime launched a devastating war on Gaza on October 7, 2023, after the territory’s Palestinian resistance movements carried out surprise Operation Al-Aqsa Flood against the occupying entity.

The Yemeni Armed Forces have said they will not stop their attacks until unrelenting Israeli ground and aerial offensives in Gaza end.

So far, Israel has killed at least 42,409 Palestinians, mostly women and children, and injured 99,153 others in Gaza. The regime has also intensified its deadly attacks against Lebanon over the past year, killing upwards of 2,300 Lebanese people.

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