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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A shooting near a mosque in Oman killed at least four people and wounded several others in a rare act of violence in the Gulf nation.

The attack early on Tuesday took place in Wadi al-Kabir, a district east of the capital city, Muscat, during a major religious event for Shia Muslims.

Video from the scene shows people fleeing near the Imam Ali Mosque, its minaret visible, as gunfire rings out followed by a voice saying, “Oh God!”

Omani police said they’re taking “all necessary security measures and procedures … to handle the situation”. They gave an initial casualty toll of four killed and “several” injured.

“The authorities are continuing to gather evidence and conduct investigations to uncover the circumstances surrounding the incident,” police said on social media platform X.

No motive or potential suspects were identified in the attack. A state of emergency was declared in the area.

‘Remain vigilant’

It appears some of the victims were Pakistani expats as Pakistan’s ambassador “visited three hospitals and met with the wounded”, an embassy statement said, adding, “all Pakistanis residing in Oman are requested to cooperate with the authorities”.

The US Embassy in Muscat issued a security alert following the shooting and cancelled all visa appointments on Tuesday.

“US citizens should remain vigilant, monitor local news, and heed directions of local authorities,” the embassy wrote on X.

Such an attack is rare in Oman, a frequent regional mediator with a low crime rate. It comes during the Muslim day of Ashura when Shia Muslims commemorate the seventh-century battlefield martyrdom of Imam Hussein, grandson of Prophet Muhammad.

Many Shia mark Ashura by performing a pilgrimage to Imam Hussein’s shrine in the Iraqi city of Karbala. Sunni Muslims commemorate the day through fasting. 

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News Network
July 16,2024

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Bengaluru: The Karnataka cabinet on Monday approved implementation of the Seventh Pay Commission’s recommendations, effecting a 27.5% increase in basic pay from August 1, 2024, and benefiting 12 lakh state govt employees and pensioners.

The commission, led by former chief secretary K Sudhakar Rao, was constituted in November 2022 with a six month mandate.

The final report was submitted to chief minister Siddaramaiah before Lok Sabha elections were announced in March 2024.

The commission’s recommendations include raising the minimum salary for govt employees from Rs 17,000 to Rs 27,000 a month.

The implementation is expected to widen the revenue expenditure of the Karnataka govt by Rs 20,000 crore annually. The most considerable expenditure will be the burden of Rs 7,409 crore for salaries, followed by Rs 3,791 crore for pensions and family pensions each year.

The decision comes after the previous BJP govt, just before the 2023 assembly elections, granted interim relief with a 17% salary hike for govt employees, leaving the remaining 10.5% for future discussions.

After Congress govt took office, it faced pressure to fulfil five poll guarantees and delayed the decision.

The employees, during an executive committee meeting held recently in Chikkamagaluru, decided to launch a three-phase protest culminating in an indefinite strike planned from July 29. This appears to have pressured the govt.

"We welcome the decision for providing employees with 27.5% salary hike," said Shadakshari, state president of Karnataka state govt employees' association.

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News Network
July 16,2024

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Bengaluru: Dengue cases in Karnataka are inching closer to the 10,000-mark, with the total positive cases as of Monday reaching 9,962 according to the health department's bulletin.

Another death in Shivamogga has brought the total fatalities due to dengue to eight. This is, however, not inclusive of the death of an 11-year-old boy in Bengaluru on July 5 that BBMP officials later confirmed was due to dengue.

Nearly 37 per cent of the all dengue positive cases reported across the state till Monday evening were among those aged up to 18 years. The number of dengue cases among children aged 0-1 years has also been on the rise, with 176 cases reported across the state.

The health department has tested over 73,900 blood samples for dengue so far, testing a few thousand samples every day.

A total of 363 cases were recorded in Bengaluru on Monday, with 35 hospitalisations. This brings the total number of positive cases in the city to 3,487. Suspected dengue cases, where people might be displaying similar symptoms as dengue but would not have yet tested positive for the infection, stood at 19,066 cases.

Between January 1 and July 1, the city recorded 1,563 positive cases with 6,443 suspected cases, according to the bulletin. Within the next two weeks, these numbers doubled to 3,124 and 14,281, respectively.

This, according to Dr Savitha S K, programme head of the vector-borne disease control programme wing of the BBMP, was not any cause for alarm. "We are actively searching for cases during our door-to-door surveys and also passively collecting data from hospitals. Last year, data was lost or not captured accurately, particularly in private hospitals, which did not record the addresses of patients. This impacted our total numbers but we are documenting cases better this year," she said.

Sources in the health department who wished to maintain anonymity noted that some of the underreporting at the city level was also in a bid to avoid panic among residents. Therefore, comparison with data from the previous year would not yield accurate results, they noted.

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