'India to be a major economic powerhouse'

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London, November 14:: investment projects into London after the US. Last year, India was one of the three countries accounting for the majority of world economic growth."

He said "the Indian community is already the largest minority ethnic community in London and London's strength as the most globalised city is helped immensely by its Indian community -- there are already 10,000 Indian-owned businesses in the capital. Cultural interaction between India and London is already strong and is going to increase even further.

"The aim of this visit is to continue to build on and reinforce these links to strengthen a deep-rooted and special relationship between London and India."

The Mayor will also take part in a series of meetings, seminars and conferences on the theme of "London and India: Partners in Globalisation".

The Partners in Globalisation visit is a key part of the Mayor's strategy to promote London as a pre-eminent global business centre. The emerging markets are particularly important to this strategy due to their rapid growth rates.

Last year the Indian economy grew at a rate far faster than the world economy as a whole -- 9.2 per cent.

The growth of the Indian economy is already having a direct impact on London. According to Think London, the capital's foreign direct investment agency, India already has the second largest number of foreign direct investment projects to London after the US. In 2005-06, India accounted for 18 per cent of all foreign direct investment projects, an increase of six per cent over the same period in 2000-01.

The UK capital has become a gateway to Europe for Indian companies, and many businesses have chosen the UK capital city for their European and UK offices. Over the past three years, Think London assisted over 50 Indian firms to set up here.

Twenty-seven companies incorporated in India are listed on the London Stock Exchange with a collective market value of 4.4 billion pounds.

The education sector is also important to London's economy with overseas students contributing about 1.5 billion pounds to UK GDP in 2005-06. In London the number of students from India has increased from 2,190 in 2001 to 4,320 in 2005.