Inspiring Business by Sharing Success
Added by Love Business East Midlands | 10 June 2020
UPDATED: 10 June 2020
The scheme, which opened for applications on 8th June and will close on 29th June, is seeking five small and medium-sized enterprises (SMEs) from the region which are looking to develop their business links with India, particularly healthcare and advanced manufacturing companies, due to emerging growth areas.
Each of the successful businesses will receive the equivalent of £5,000 worth of support, which includes:
Sir Nigel Knowles, International Advisor to Dan Jarvis, Mayor of the Sheffield City Region: “The India Growth Champions scheme is unique in that it will give companies in the Sheffield City Region the chance to work more closely together with Indian businesses. With the support and guidance of business advisors with expertise in the Indian market, we expect these SMEs will benefit from many new connections and opportunities to grow and develop links with this rapidly growing economy. This is a very exciting time as we welcome applications for businesses to embark on this new programme.
“Our region is renowned for its world-leading capabilities in manufacturing, design, and development and there are some fantastic opportunities emerging in India for companies across many different sectors.”
Five businesses have already been successful in being accepted onto the India Growth Champions Scheme on the first phase of the scheme, these include:
The India Growth Champions scheme will culminate in a trade mission for all businesses to India in 2021, this will include a fully planned five-day programme.
There is no cost to businesses to apply to the scheme, but if successful, each company will be expected to be strongly committed to the scheme and to pay its travel and accommodation costs for the trade mission. The only requirement is that the business must be located within South Yorkshire and that they are an SME with a turnover of less than £50m or a balance sheet of less than £43m. Businesses should see the application form as an opportunity to showcase their company’s strengths and opportunities.
Experts predict that India will be the third biggest economy in the world by 2030 and it is expected to grow at an average of 5.9% per annum until 2050, making it the most rapidly expanding of all G20 countries. In 2015, the Sheffield City Region exported £81m worth of goods to India – making it the region’s 12th largest trading partner.
In 2017, Sheffield City Region introduced the strategy: ‘Make in India, Design and Develop with the Sheffield City Region’. Since then, the relationship between the Sheffield City Region and India has grown and developed and has been able to open up greater trading opportunities.