Indian industry on Thursday welcomed the UK's new Scale-up Visa which is aimed at attracting more skilled professionals from around the world, including India as latest British government statistics reflected Indian nationals dominating the skilled visa routes of the country.

The Federation of Indian Chambers of Commerce and Industry (FICCI) said the UK Home Office Scale-up Visa announcement directed at high-growth businesses to access a worldwide talent pool to boost their scale-up ambitions is well timed and likely to benefit many Indian businesses and also help UK companies tap into the vast Indian talent pool.

It comes as the latest Home Office data released on Thursday reveals that Indian nationals continue to be the top nationality granted skilled worker visas, accounting for 46 per cent of all skilled work visas granted globally.

In the year ending June 2022, Indians received nearly 103,000 work visas, a 148 per cent increase over the previous a figure likely to go up further with the new Scale-up Visa.

In the last few years, India has seen a large number of rapidly growing businesses from tech and financial services expand into the UK, said FICCI Director General Arun Chawla.

The new Scale-up Visa announcement has come at a good time with businesses trying to recover post-pandemic and are hiring talent that would help them to grow faster. This announcement will give Indian businesses that are present in the UK greater flexibility to hire in-demand talent to progress to the next level, he said.

It will also help British businesses to tap into the vast talent pool that India has to offer, he added.

Besides work visas, latest UK Immigration Statistics show that Indians have overtaken China as the largest nationality being issued sponsored study visas as well.

Nearly 118,000 Indian students received a Student Visa in the year ending June 2022 an 89 per cent increase from the previous year.

The UK continues to be a popular destination for Indian holidaymakers too, with Indian nationals accounting for the highest proportion (28 per cent) of Visitor Visas granted at over 258,000 in the year ending June 2022 a 630 per cent increase compared to the previous year when travel restrictions due to the Covid-19 pandemic were still in place.

India first again. I'm delighted that Indian nationals were issued the largest number of UK study, work and visitor visas in the year ending June 2022, said Alex Ellis, British High Commissioner to India.

More strength to the unique living bridge that connects our people, he said.

Under the new Scale-up Visa, companies, including small businesses and those in the tech and financial services sectors, that have achieved growth of 20 per cent or more in either employment or turnover year-on-year for at least three years and employed a minimum of 10 people at the start of those three years are eligible to sponsor workers under the new route.

Eligible businesses are expected to attract a lot more scientists, engineers, programmers, software developers, research and development professionals, economists, architects, technicians, financial and investment advisers with the new visa that falls within the country's wider points-based immigration system.

Through our Scale-up Visa, we're enabling businesses to focus on their growth and innovation by giving them more freedom to bring in the diverse skills and experience they need, making them more attractive on an international stage, said Kevin Foster, Minister for Safe and Legal Migration.

By supporting our high-growth tech, financial services and small businesses, we are ensuring the UK remains a global hub for emerging technologies and innovation while enhancing productivity across the economy creating jobs, growth and prosperity across Britain, he said.

Unlike other sponsored visas, the UK Home Office said its Scale-up Visa launched this week allows businesses to employ high-skilled individuals who will receive two years' leave to remain in the UK without requiring further sponsorship or permission beyond the first six months.

The new visa route is intended as giving businesses in the UK greater flexibility to hire in-demand talent to progress to the next level and boost the UK's global talent pool.

Irene Graham OBE, CEO of the ScaleUp Institute, welcomed the launch of the new visa as something it has been recommending as a much-needed fast track service to enable local growth companies to access the talent they need more quickly.

Scale-ups add over GBP 1 trillion a year and more than 3 million jobs to the UK economy, and are present in every community, hiring people from at home and abroad, as they drive growth into their local areas and beyond. The visa should help with the skills demands, said Graham.

We look forward to continuing to work with the government as this service evolves to ensure it fully addresses scaling business needs and works effectively, she added.

The Home Office said it recognises that scaling up is an important phase for high-growth businesses to continue growing and drive international competitiveness.

By bringing in sought-after expertise and skills, enterprises can boost their innovation and productivity and in turn keep contributing to the UK's economy, it said.