British billionaire Gopichand Hinduja believes that India’s booming economy will provide a much-needed boost to the UK post-Brexit. While Hinduja criticized the UK’s departure from the European Union, he expressed confidence in Prime Minister Rishi Sunak’s ability to revive the country’s ailing economy. As chairman of the Hinduja Group, an Indian conglomerate, Hinduja sees the UK’s efforts to establish new trade partnerships as crucial for attracting investments and restoring the country’s status as an excellent place to invest.
Hinduja acknowledged that Brexit was not favorable for the UK, but he sees hope in the country’s pursuit of trade agreements with 11 nations, including the recently signed Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Nevertheless, Hinduja highlighted that the most valuable partnership for the UK will be its forthcoming free trade agreement (FTA) with India.
With India projected to become the world’s third-largest economy by 2027, Hinduja expects India’s economic expansion to greatly benefit the UK. He revised his growth projection for India based on his instincts and experiences, emphasizing the country’s potential to drive growth and create new opportunities for cooperation with the UK.
However, the negotiations for the FTA between the UK and India have faced setbacks, particularly concerning major tariff lines and investment protection rules. Hinduja acknowledged bureaucracy as the biggest obstacle in the discussions. Nonetheless, he believes that the wide-reaching benefits of a trade agreement between the two countries, especially in technology, infrastructure, health, education, and defense, will make the efforts worthwhile.
Hinduja’s endorsement of India as a key trading partner reinforces the significance of UK-India relations and the potential for economic cooperation. While the negotiations are still ongoing, the prospect of a free trade agreement between the two countries presents an opportunity to enhance bilateral trade and investment ties. Despite the challenges, the British billionaire’s confidence in India’s growing economy and its potential to contribute to the UK’s post-Brexit success adds a positive perspective to the ongoing discussions.
