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Indian diaspora in UK contributes over £1 billion in corporation tax that helped to negotiate UK-India Young Professionals Scheme

MediaIndian diaspora in UK contributes over £1 billion in corporation tax that...
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Monitoring Desk: Indian diaspora in the UK contributes over £1 billion in corporation tax and this has helped India to negotiate UK-India Young Professionals Scheme.

The UK-India Young Professionals Scheme that will provide 3,000 places annually to 18–30-year-old degree-educated Indian nationals to come to the UK to live and work for up to two years is a result of the huge financial contribution the Indian diaspora is providing to the UK economy, reports Express Tribune.

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In an article written by foreign affairs expert Shazia Anwer Cheema published in Express Tribune on Saturday under the title “UK-India young professionals scheme”, she indicates that a report prepared by Grant Thornton’s South Asia Business Group in February 2020 claims 654 Indian diaspora-owned or diaspora-led companies have combined annual turnover of at least £36.84 billion and their contribution is more than £1 billion in corporation tax and they have invested some £2 billion through capital expenditure in the UK. The report also claims that these companies provided around 174,000 jobs annually.

She further writes that over 50% of the Indian diaspora in UK hold degree-level qualifications while 40% work in managerial and professional occupations and 84% of all Indian diaspora-owned businesses in the UK. The remaining 16% are in financial services, engineering and manufacturing, tourism and leisure, energy, and natural resources. According to estimations, over 30 percent of Indians who completed their education in the UK had opportunities of having foreign and national scholarships for their higher education abroad.

She believes that Pakistan has never supported students for higher education while India tailored a system in the early 70s to encourage students for foreign education by offering scholarships and former Indian Prime Minister Manmohan Singh developed an idea of “Internationalization of higher education” and his vision opened uncountable foreign education opportunities for Indian students all over the world.

Click here to read the original article at Express Tribune

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