London's Growth Plan: A GBP 27 Billion Vision with India Leading FDI

London's newly unveiled Growth Plan seeks to generate GBP 27 billion for public services, with India as the leading source of foreign direct investment. The plan aims to increase London's economic size by GBP 107 billion by 2035, driven by Indian FDI and student market growth.

London has launched an ambitious Growth Plan to generate an additional GBP 27 billion in tax revenue to support public services, identifying India as its foremost foreign direct investment (FDI) market. This move aims to rejuvenate productivity growth to 2% annually over the next decade, potentially increasing London's economy by GBP 107 billion by 2035.

Indian companies, especially in technology, have emerged as key players in London's growth, noted Laura Citron, CEO of London & Partners. "India has been our fastest-growing FDI market for two consecutive years," she said. The country has also become a major student and tourism market for London, strengthening bilateral ties.

Sadiq Khan, the Mayor of London, emphasized the plan's focus on talent development, business innovation, and infrastructure to create 150,000 jobs and more affordable housing. The proposal aims for a 20% household income rise among the lowest earners, beneficial to over a million households in London.

(With inputs from agencies.)