FICCI, the largest and oldest apex business organisation in India, said Britain leaving EU would create considerable uncertainty for Indian businesses engaged with UK and would possibly have an adverse impact on investment and movement of professionals to the UK….reports Asian Lite News
FICCI, representing over 250,000 companies from various regional chambers of commerce in India, said Britain is considered an entry point and a gateway for the European Union by many Indian companies, a view echoed by Prime Minister Modi in his visit to UK in November last year. While deciding on membership of the EU is a sovereign matter for Britain and its people, Indian industry is of the view that foreign businesses cannot remain isolated from such decisions.
“The UK is a valued economic partner for India and we firmly believe that leaving the EU, would create considerable uncertainty for Indian businesses engaged with UK and would possibly have an adverse impact on investment and movement of professionals to the UK”, said Dr A Didar Singh, Secretary General, FICCI.
The FICCI’s statement is a big blow to British Employment Minister and Indian Diaspora Champion Priti Patel’s stand.
In a statement she said: Voting to leave the European Union would be a massive boost to UK-India relations. New opportunities for the UK and India to cooperate more closely and develop stronger trading links would emerge as the UK re-aligns its foreign policy and trade priorities. During the forthcoming referendum the Indian diaspora can vote to make a real and positive difference to the future of the UK and India by voting to leave the EU.
“British business, including those businesses set-up and established by members of the diaspora living in the UK, are eager to access the Indian market and build mutually beneficial trade deals with businesses in India. Those new workers are also global consumers and the UK can provide more of the goods and services they want if it was outside of the EU. Although the focus of the Conservative Government on enhancing our relationship with India has led to an increase in trade since 2010, we could go further if we were not held back by the vested self-interests of the EU. Indeed, one of the reasons why our trading links with India were inadequate when we came to Government in 2010 was because of the focus that Britain had given to trade within Europe as a result of membership of the EU.