London’s new ‘growth plan’ aims to generate an extra £27 billion in tax revenue, highlighting India as its top FDI source market. The plan strives for a 2% annual productivity growth, potentially increasing the economy by £107 billion by 2035. Key focus areas include attracting Indian investment, boosting the student market, and enhancing local economic conditions.

London has introduced an ambitious new ‘growth plan,’ targeting an added £27 billion in tax revenue to support essential public services throughout the city and nationwide. India has been identified as the top source market for foreign direct investment (FDI), as declared by Mayor Sadiq Khan alongside growth agency London & Partners. This strategic initiative aims to elevate London’s productivity growth to an average of 2% annually over the next decade, potentially enlarging its economy by £107 billion by 2035.

Over the past three years, India has experienced significant growth, surpassing the United States to become London’s largest FDI source in 2022-23 and continuing through 2023-24. Laura Citron, CEO of London & Partners, noted the rapid expansion of Indian investment, stating, “Foreign direct investment from India has been the fastest growing and has been our number one market for the last two years.” Indian tech companies are notably establishing operations in London, further supplementing the city’s prospects.

Moreover, the Indian student market has burgeoned post-Brexit, ranking as the second largest source of international students in London, following China, with 38,625 Indian students recorded in 2023-24. Mark Hertlien from City St George’s University affirmed this trend, noting that over 20% of the international student body at London universities now comprises Indian nationals. He emphasized the importance of these students as “lifelong ambassadors of our capital city.”

The Executive Vice President of Mphasis, Ashish Devalekar, praised London’s stature as an innovation hub and its capacity to attract top talent. He remarked, “At Mphasis, we have steadily expanded our presence in the region…this centre is a testimony to our commitment to the UK and its vibrant tech scene.” Mphasis plans to double its workforce at its London Innovation Hub.

The ‘Growth Plan’ was developed in collaboration with businesses, trade unions, and communities to reinvigorate London’s productivity, which has stagnated since 2008. Key initiatives include nurturing top talent, encouraging skill development among Londoners, boosting business innovation, and enhancing infrastructure. Mayor Khan expressed optimism that the plan presents a “golden opportunity to turbocharge growth and unlock London’s full potential for the benefit of all.”

The ambitious strategy also aims to increase the weekly income for the lowest-earning 20% of Londoners by 20%, equating to an average additional £50 per week for over a million households after housing costs. The plan represents a comprehensive approach to addressing various socio-economic challenges and propelling London’s growth well into the future.

In summary, London’s new growth plan positions India as a crucial player in asserting foreign investment and education, highlighting significant growth trajectories in both sectors. The initiative aims to enhance productivity, increase job opportunities, and improve living conditions for Londoners. With collaborative efforts among various stakeholders, the plan strives for sustained economic expansion and heightened global competitiveness. Through this comprehensive strategy, Mayor Sadiq Khan seeks to unlock the potential of London’s diverse community and its economy.

Original Source: www.ndtv.com

Related posts:

Marriott International’s Unprecedented Growth in 2024 Leads Hospitality Market Apple Shares Decline Amid Potential Investigation by Chinese Regulators Will Trump’s Immigration ‘Gold Cards’ Attract China’s Wealthy Investors? India’s Wealth Landscape: 191 Billionaires and Rising High-Net-Worth Individuals