In a big milestone for India-UK trade relations, the Mumbai headquartered Tata Consultancy Services in the United Kingdom will be making a major investment which is expected to generate over 1500 high skilled jobs to locations across the UK. This builds on the back of the corporation’s 45 year history in Britain.
TCS CEO And British Trade Secretary meet
TCS CEO and MD Rajesh Gopinathan made a statement to stock exchanges in which he expressed his firm’s commitment to resume investment in the UK economy, innovation, technology sector, and in developing workforce skills. He met with Liz Truss, British trade secretary in Mumbai on Monday.
Liz Truss made a 5-day trip to India between Feb 5 and 9, during which she met with Minister of Industry and Commerce Piyush Goyal. The two agreed on terms of an Enhanced Trade Partnership (ETP) and discussed a potential free trade agreement in the future.
In a statement Truss said, “Deeper trading ties (with India) will create opportunities for UK businesses that were simply not there as part of the EU, and set the stage for a much closer partnership with one of the economic powerhouses of the present and future.”
She emphasised deeper collaboration in new-age industries of science, tech and green growth and placed importance on export, investment and jobs led recovery plan from the pandemic.
TCS History and Growth in the UK
It is also worth noting that the TCS establishment in England has experienced almost four fold growth in the past decade entirely organically, cementing its place as a leading provider of IT and IT enabled services in the country. At the end of financial year 2020 the firm generated revenue of GBP 2.7 billion.
Its STEM skill initiatives across Britain have impacted more than 1.5 lakh English citizens in the last 3 years.
It is also giving back to the economy as it is one of the largest recruiters of IT talent. The firm boasts of a young and vibrant workforce. Employees come from 54 different nationalities. Women comprise 28% of its talent pool which is higher than the 17% average in IT sector.
India-UK Trade Partnership Value
As of 2019 trade partnership between India and the UK amounted to GBP 23 billion, covering tech and life science industries, along with employment of around 500,000 people in each economy. In the backdrop of the pandemic the two nations have come to each other’s aid by keeping key supply chains open, standing against protectionism and vaccine research collaboration.
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