India Now festival kicks off in London

It has banks, energy companies and car makers listed on the London Stock Exchange, is second only to the US for inward investment projects into London and its filmmakers shot 40 major productions in the capital city last year.

These are three facts about Indian business that Ken Livingstone wants Londoners to take away from a festival starting today. The London mayor's office kicks off the three-month India Now season by sailing a replica of the Taj Mahal on the Thames. The festival aims to cement London's strong ties with a booming Indian economy.


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"This year India is our target," says John Ross, the mayor's economic advisor. "In 10 years' time the Indian influence in London will be twice as big as it is now, at a minimum."

According to statistics the city has put together for India Now, London alone accounts for a third of India's rapidly rising overseas investment in Europe. There are far more Indian companies listed on the London Stock Exchange than in New York and there are more than 10,000 Indian-owned businesses in London employing almost 50,000 people.

"The perception of the average Londoner might be of curry houses and call centres but coming down the line are global IT players, pharmaceutical firms, steel producers and car makers," says Mr Ross. London has sought to become the global base of choice for Indian companies by highlighting a common legal framework and a useful time zone.