Leading NRI industrialist GP Hinduja today described the result in favour of Britain's exit from the European Union as "positive" for India-UK ties, saying bilateral trade and investment will eventually grow.
Leading NRI industrialist GP Hinduja today described the result in favour of Britain’s exit from the European Union as “positive” for India-UK ties, saying bilateral trade and investment will eventually grow.
London-based co-chairman of the Hinduja Group described the referendum as an “essential democratic process”, which could eventually prove beneficial for Britain’s trade with India.
“There will be a greater focus on India and the emerging markets and among the emerging markets, India will be the favourites. Trade and investment will eventually grow and in terms of visa norms, which had been stricter because of the EU rules, should also ease up for Indian businesses,” he said.
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“So, I see it overall in a positive light, which will only create stronger roots for democracy,” he added.
Describing the referendum as something that “had to take place”, Hinduja said the Brexit vote did not come as a big “surprise” to him.
“Britain is part of Europe and will always be, there are too many cultural and people to people ties. It will take at least two years for any of the EU membership changes to become effective and I don’t see anything going very wrong in the long 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.