At a time when the UK’s economy is battling a looming recession, it is a moment of cheer for TCS that recently bagged a contract to build the UK’s government’s rail data marketplace. This comes on the heels of the company winning significant deals from the likes of Royal London, Virgin Atlantic, Nationwide, Department of Work and Pensions, and Transport for London this year alone.

The contract between the Rail Delivery Group and the Indian tech service giant is for a period of six years with an opportunity for extension. 

In July this year, TCS was ranked first by revenue among the Top 30 Suppliers of Software and IT Services (SITS) to the UK Market by an industry analyst firm, TechMarketView. The company also performed very well in the revenue rankings by sub-category, topping the chart for applications operations, ranking second in the IT/BP Services, and third in the consulting and solutions categories.

As per the report, the UK remains an extremely important market for TCS, and this bullish approach has paid rich dividends, as it continued to grow across all its core sectors.  

“Over the past year, we began many new partnerships with UK corporations looking to modernize their technology stacks, while deepening our relationships with existing clients to become their innovation, growth and transformation partner,” said Amit Kapur, country head, TCS, UK and Ireland.

Despite the challenges of recession coupled with surging inflation, Indian companies in the UK continue to boom. The India meets Britain Tracker 2022 developed by Grant Thorton in collaboration with the Confederation of Indian Industry revealed that Indian companies/ Indian-owned companies operating in the UK have multiplied in the past year, up from 850 in 2021 to 900 this year, with a corresponding hike in revenues and job creation figures.

These companies have employed 141,005 people, up from 116,046 in 2021, and had combined revenues of 54.4 billion pounds, also up from 50.8 billion pounds last year. The tech sector dominated the Tracker, accounting for 35% of those who qualified for inclusion this year.

The Tracker also revealed that the three fastest growing Indian companies in UK by year-on year revenue growth were Motherson Sumi Systems Limited (MSSL), a manufacturer and supplier of automotive parts; Prodapt, an IT services company; and Route Mobile, a cloud communications platform. MSSL revenues grew 248%, while Prodapt and Route Mobile rose 114% and 98%, respectively.

But a long way to go in India

While TCS is taking huge strides in the UK through its contracts across sectors, in homeground, the company hasn’t been able to replicate that stellar performance. This year, TCS signed only a few deals in India, which include the passport project pegged at $ 1 billion and the Rs 550 crore deal from BSNL to set up 6,000 4G sites. It has also built and maintained the ERO for IRCTC.

Indian firms and AI – Adopters not Innovators

As per PEAK’s State of AI 2022, 98% of companies in India are already using AI to automate decisions. The report also highlights that 84% of businesses in India are currently using AI in one form or another, nearly twice that of the UK (46%), whereas the US is at 68%. Even though Indian businesses lead in AI adoption, they have a long way to go when it comes to creation and innovation. 

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