Brexit Positive For India-UK Ties: G P Hinduja of Hinduja Group
As Britain voted to exit the European Union, Hinduja Group Co-Chairman Gopichand P Hinduja described the outcome as “positive” for India-UK ties, stating that bilateral trade and investment will eventually grow.
Gopichand P Hinduja said that his group, especially Ashok Leyland, will have no major impact of Brexit since it is not an exporter to Europe although it has major investments in EU. The leading NRI industrialist also defined the referendum as an “essential democratic process”, which could ultimately prove advantageous for Britain’s trade with India.
“India and the emerging markets will remain in the limelight and amid the emerging markets, India will be the favorites. Trade and investment will grow in due course and with reference to visa norms, which had been rigid because of the EU rules, should also placate for Indian businesses,” he said. Thereby, he perceives it largely in a positive light, which will only build stronger roots for democracy as per him.
He believes that, “Britain is a part of Europe and will always be; there are enormous cultural and people to people chords. It will take at least two years for any of the EU membership alterations to take effect and he is positive about the conducts in the longer run.
“The stock market reaction was the immediate effect but things will steady. My concern was about the Conservative party leadership. Now, with Cameron announcing he will continue for the next few months, things will settle down. The bigger question is what happens to the EU,” he said.