London has presented the ‘Growth Plan,’ an ambitious economic effort to raise £27 billion in additional tax revenue and revive productivity growth. The strategy, launched by Mayor Sadiq Khan and London & Partners, names India as the city’s top FDI source.
The strategy anticipates a 2% yearly productivity increase over the next decade, which could boost London’s GDP by £107 billion by 2035. Since 2022-23, India has surpassed US as London’s largest FDI provider, and this trend is expected to continue in 2023-24.
Laura Citron, CEO of London & Partners, emphasised India’s growing influence. “Indian tech firms are setting up in London, and post-Brexit, India has become the second-largest source of international students,” according to her. More than 20% of international students in London institutions were Indian in 2023-24, up from 5% a decade earlier.
Ashish Devalekar of Mphasis emphasised London’s appeal as a worldwide innovation hub. “We plan to double our workforce through our London Innovation Hub,” stated the CEO.
The Growth Plan intends to create 150,000 jobs, improve infrastructure, and raise low-income people’s wages. Sadiq Khan described it as a “golden opportunity” to boost London’s economic potential and promote UK-India connections.
