Businesses see promising India-UK ties ahead after Brexit

UK will officially quit European Union (EU) on Friday night, a certainty welcomed by Indian businesses operating in country as well as British businesses who see this as an exciting time to expand into huge Indian market.

official transition period from Saturday until end of December means status quo in terms of much of tre and business operations vis-a-vis UK and EU, but what does change is Britain's free hand to strike new deals and partnerships around world.

Leing tre organisations and Indian entrepreneurs in Britain see this as an exciting time for India-UK tre and ecomic partnership to be taken to a new level.

"re is question that India will be a vital tring partner as UK charts a new future outside EU. golden opportunities for British firms in India play to best strengths of UK plc – from infrastructure to healthcare to FinTech," said Lord Karan Bilimoria, founder of Cobra Beer and Vice-President of Confederation of British Industry (CBI) – key voice of British businesses in UK.

As someone who campaigned for UK to remain in EU in June 2016 Brexit referendum, India-born entrepreneur is w focussed on ensuring that opportunities unleashed by Brexit are fully capitalised and that is where comes a checklist for India.

"To fully capitalise on se opportunities, British firms would like to see furr progress in reducing corporate tax rates, data privacy and ease of doing business indicators. If se steps are taken, and UK maintains an active strategy for engment and interaction with Indian ecomy at all levels, it will remain a significant partner in India's future growth story,” tes Bilimoria, who has business interests both in UK and India.

GP Hinduja, Co-Chairman of Hinduja Group, also hailed "exciting time for relations between Britain and India" and ermous scope for both countries to reach a free tre agreement, as he welcomed "energy and dynamism" alrey shown by Prime Minister Johnson ahe of historic Brexit Day.

"re are alrey positive moves like fast track visas to continue to attract top scientists and possible reforms to inheritance tax.

"Furrmore, government should implement more investor-friendly policies to attract new and returning foreign investors and high net worth individuals (HNWI) who have departed over past few years," said Hinduja, whose diversified group operates across various sectors and borders.

end of a 47-year relationship was never going to be easy and long-drawn divorce process between UK and EU took a toll on businesses, which operated on a kind of pause mode as Britain missed Brexit delines since 29 March last year.

"re was a mess in handling of Brexit negotiations, and everyone will just be gl that mess is over,” said Lord Swraj Paul, who hes London-hequartered Caparo Group with operations worldwide.

UK has never been entirely happy with its EU membership. But I don't think Brexit would have a very major impact on UK’s working with Europe; that relationship remains even if people voted to leave. As far as India goes, it has a relationship with UK and EU and both will be strengned furr,” he ted.

Prime Minister Johnson has repeatedly singled out India in list of countries he wishes to strike an enhanced tre agreement with, ever since he pitched his tent in favour of Brexit. As Prime Minister w with a thumping majority in Parliament, he is seen to be in a position to action some of those promises.

"Prime Minister Johnson will get along very well with Prime Minister Narendra Modi and two will strike a good rapport. Tre, investment, climate change and immigration will be on top of nda for an expected India visit,” said Mohan Kaul, President of Indian Professionals Forum (IPF), who believes techlogy, financial services and healthcare sectors particularly stand to benefit in a post-Brexit India-UK tie-up.

According to fdi Markets data, between 2000 and 2016, UK invested more than USD 24 billion into Indian industry and between January 2009 and October 2019, a total of 2.78 billion pounds was invested from Indian companies into London alone. This predominance of London is also expected to continue in a post-Brexit scenario.

"In recent years we have seen a large number of Indian businesses choosing London for international expansion and in 2018 UK capital attracted more investment projects from India than any or global city,” said Allen Simpson, Managing Director of Strategy and Corporate Affairs at London & Partners – Mayor of London’s official promotional ncy.

"With our mutual strengths in techlogy and invation, cities like London, Mumbai and Bengaluru are producing game-changing companies, and as India’s ecomy goes from strength to strength we see lots of opportunities for collaboration between se two nations,” he said.