London launched a new development strategy aimed towards supporting people companies across the country by generating an extra £27 billion in income revenue. The strategy, unveiled by Mayor Sadiq Khan and London &, Partners, seeks to regain production rise to 2 per cent every over the next generation, potentially expanding the state’s economy by £107 billion by 2035.
A key highlight of the plan is India’s role as London’s leading source of foreign direct investment ( FDI). India has been on an upwards direction for the past three decades, overtaking the US as London’s major FDI source in 2022-23, a pattern that continued into 2023-24.
” Foreign direct investment from India has been the fastest growing and has been our quantity one business for the last two years”, said Laura Citron, CEO of London &, Partners.
” So, it’s American technology companies setting up businesses in London. Likewise, if we look at it as a student business, post-Brexit, India has definitely fast grown as a pupil market. It’s then the number two supply industry for London after China. It’s even a fast-growing tourism industry for London, India is just a really important, major industry for London”, she added.
American student surge in London
Official statistics for 2023-24 showed that 38, 625 American students studied in London, marking a sharp increase over the last century. India’s communicate of London’s foreign student population has increased from under 5 per cent to over 20 per cent.
” It is good that London’s number of American students has increased in the past decade, with American learners now accounting for over 20 per cent of global students enrolled at a London university”, said Mark Hertlien, mind of global engagement at City St George’s University.
He said that the number of students joining City St George’s has doubled over recent years. ” They become lifelong ambassadors of our capital city and create lasting and powerful bridges between our nations”, he added.
London continues to attract Indian businesses, particularly in the tech sector.
Developed with input from businesses, trade unions, and local communities, the Growth Plan aims to revive London’s economy, which has stagnated since the 2008 financial crisis. Key priorities include:
- Investing in skills and talent to equip Londoners for high-paying jobs.
- Backing business innovation with new investments in technology.
- Accelerating housing and infrastructure development.
- Revitalising high streets to boost local economies.
Sadiq Khan called the plan a “golden opportunity” to unlock London’s full potential.
” It’s a blueprint for how we can help to create 150, 000 good jobs, build more affordable homes, deliver major new transport upgrades and skill up Londoners for the well-paid jobs of tomorrow. From AI, life sciences and climate tech to our financial and creative industries, London is home to many of the best businesses in the world, which we want to back to grow and thrive over the next decade”.
One of the key targets of the plan is to raise household incomes for the lowest-earning 20 per cent of Londoners by 20 per cent, potentially giving over a million households an extra £50 per week after housing costs.
