According to the Indian Minister of External Affairs Sushma Swaraj the matter of Brexit was Britain’s own. The Indian Union Minister for Science and Technology Harsh Vardhan said the agreements inked in trade and investment, as well as, science and technology between India & UK would continue as usual irrespective of a possible Brexit.
In the absence of EU regulations, the UK will actually be free to do more business with India and as it will be able to reach out to its booming middle class. The export from India to the UK will find an enormous boost since high regulatory laws of the EU will not be in effect anymore.
Examples of Problems faced by Indian business with EU regulations
There are examples of Indian export facing problems due to the regulations of the Europeon Union. For example, in 2014, mango export from India faced an EU-led ban after flies were found in the consignments. As a result, the exporters of the fruit in India faced much losses till the lifting of ban in 2015. With the UK going out of the EU, this challenge will no longer be persisting. Strict EU immigration rules also took a toll on the massive curry industry in the UK. This is due to the fact that the caterers’ bodies of the east failed to get qualified chefs. The Asian Catering Federation is experiencing this problem till now. It however thinks leaving the EU is not a solution for that.
An R&D carried out by the State Bank of India says India’s position will be stronger after Brexit happens. It will definitely have a positive effect on the Indian manufacturers, suppliers & exporters, who would get a chance to go around the EU regulations in UK.