Brexit Day: Businesses see promising India-uk ties ahead
The UK will officially become a non-member of the European Union (EU) from Friday night, a certainty welcomed by Indian businesses operating in the UK as well as British businesses keen to expand into the Indian market.
The official transition period from Saturday until the end of December means status quo in terms of much of the trade and business operations vis-avis the UK and EU, but what does change is Britain's free hand to strike new deals and partnerships around the world. Leading trade organisations and Indian entrepreneurs see this as an exciting time for the IndiaUK trade and economic partnership to be taken to a new level.
"There's no question that India will be a vital trading partner as the UK charts a new future outside the EU. The golden opportunities for British firms in India play to the best strengths of UK plc – from infrastructure to healthcare to Fintech,” said Lord Karan Bilimoria, founder of Cobra Beer and Vice-president of the Confederation of British Industry (CBI) – the key voice of British businesses in the UK.
As someone who campaigned for the UK to remain in the EU in the June 2016 Brexit referendum, the India-born entrepreneur is now focussed on ensuring that the opportunities unleashed by Brexit are fully capitalised and that is where comes a checklist for India. "To fully capitalise on these opportunities, British firms would like to see further progress in reducing corporate tax rates, data privacy and ease of doing business indicators. If these steps are taken, and the UK maintains an active strategy for engagement and interaction with the Indian economy at all levels, it will remain a significant partner in India's future growth story,” notes Bilimoria, who has business interests both in the UK and India.
The end of a 47-year relationship was never going to be easy and the long-drawn divorce process between the UK and EU took a toll on businesses, which operated on a kind of pause mode as Britain missed Brexit deadlines since 29 March last year. "There was a mess in the handling of the Brexit negotiations, and everyone will just be glad that the mess is over,” said Lord Swraj Paul, who heads the London-headquartered Cap aroGro up with operations worldwide.