Finally the people of Britain voted for Britain's exit or "Brexit" from the European Union in a historic referrendum. The result came out is surprising with 52% voted in favour of leaving EU while 48% wanted UK to remain in EU. The European Union which is often known as EU is an economic & political partenership involving 28 countries. It began after 2nd world war to foster economic co-operation.
I think the purpose behind Brexit is inefficiency of EU to manage the immigrants crisis which is creating trouble for the Britain.
The Brexit victory sent economic shockwaves through global markets and its currency pound fell down to lowest against Indian Rupee since 31 years that will led to decline in the oil prices which is a good sign for Indian Economy.
Even as its exit from EU has gotten most sectors worried but as far as India is concerned UK has become a more attractive destination for Indian travellers and students, thanks to the weaker pound.Though it would be difficult for me to predict the currency movement but this could mean likely saving of more than 5% for the Indians going to UK.
Brexit would slightly affect the Indian share market just for few days only though it could not have any longterm effect on Indian economy because it is well prepared to deal with such consequences as earliet we dealt the 2008 US recession. therefore in my view we don't need to worry.
As per last year's data, India had emerged as the 3rd largest source of FDI for the UK with various Indian corporates like TCS, Wipro, Infosys etc. are doing great business in UK. Therefore, undoubtedly the UK will remain a very good place to do business. One of the advantages of UK is that it is the natural home for any Indian business wanting to enter the European market.
The economy, as well as language, rule of law, ease of doing business, time zone, and world-leading technical and intellectual innovation, these all are significant to the UK and Indian economic partnership.
-Romit Chandrakar, Raipur
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