Tag Archives: BREXIT

UK Relaxes Visa for Businessmen, Modi Pitches for Students Too

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Post-Brexit, United Kingdom is opening up to Indian businessmen announcing for the first time a very easy process visa under its "Registered Traveller Scheme" but she chose to remain silent on Indian Prime Minister Narendra Modi’s request to provide "greater mobility" for students and researchers.

Speaking at the India-UK Tech Summit organised by CII, Theresa May, who was instrumental in tightening the visa regime earlier, said: "Indian nationals who frequently come to the UK and to fuel growth in both our countries, the entry process will become significantly easier." It means the businesses will have to fill fewer forms now to enter the EU-EEA (European Economic Area) passport regime and swifter passage through British airports.

"In short, more opportunities for Britain and India and a clear message that Britain is very much open for business… It is crucial that those who do need to travel between our countries for business can do so, that is the reason why when I was Home Secretary, I made visa process for Indians much easier," May said.

She pointed out that India now has best visa services and the same-day visa delivery system. She said that the UK government is listening to the pleas made by Indian businessmen. "Listening to the fact that there are many people from India who are to bring their skill, ideas, businesses to Britain for the good of your economy and ours," she added.

Indian Prime Minister Narendra Modi, in his address at the India-UK Tech Summit 2016, recalled his visit to the UK last November when it ws decided to commemorate 2016 the ‘India-UK Year of Education, Research and Innovation’ and asked for more visas to Indian students and scholars.

"Even though the quantum of bilateral trade has remained at the same level for the past five years our investments in both directions have been robust. India is the 3rd largest investor in UK, and UK is the largest G20 investor in India. Both countries support large numbers of jobs in each other’s economies," he noted.

As India will soon have over a billion phone connections, an urban tele-density of around 154%, 350 million internet users, nearly 1 lakh Internet-Connected villages, the growth story offers an excellent success story, he said.

BREXIT Fall Out: PM Cameron to Quit in October

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Now that the UK has done what was expected in the last one decade, exiting from the European Union, Britain’s Prime Minister David Cameron has decided to quit from the office in October as the referendum went against his wish to continue in the Union.

In India, the government’s reaction is on expected lines that the economy has enough "firepower" to deal with the situation, and that the Reserve Bank of India (RBI) has been "working" on possible eventualities and the Economic Affairs Secretary Shaktikanta Das was upbeat on fundamentals. But let us face it — grim future ahead and perhaps another prolonged period of uncertainty and recession.

The BSE Sensex lost 1,050 points and investors have lost Rs.4 lakh crore in one day. The rupee touched the 68-mark, down by nealry one rupee in one day, indicating its weakness in a globally turbulent economy. "You know the pound sterling have been depreciating so all currencies have been depreciating," defended Das. With $360 billion in foreign exchange reserves with RBI, he said India’s position "is very sound and solid."

While the knee-jerk reaction is likely to cool in a coule of weeks, for Britain the changes will not be overwhelming as it had always played an outsider role within the European Union. Unlike other members, it had kept its currency, the pound sterling in tact and never joined the Schengen zone of passport-free travel in Europe. Its contribution to EU budget is also relatively less than others.

The pound sterling may see downward movement for sometime and so is India’s rupee but for the reality of entirely breaking away from the European Union may take about two years, if the current David cameroon’s government gives its consent and goes ahead with the referendum’s outcome to exit from EU. So, these two years will be sufficient for India to move closer to the UK both in terms of trade treaty and negotiate more opportunites.

While the immigration was a major cause of worry for Indians in Britain, they can breathe easy now with the exit plan putting a cap on 100,000 immigrants per annum taking concrete shape as no more EU immigrants can enter Britain so easily now. With the immigrants stopped from elsewhere, India may leverage the opportunity for a more favourable immigration policy with the UK.

Finally, the oil prices will fall following Brexit and it will squarely put in more reserves in RBI kitty. "So when oil prices decline, Indian economy benefits," said another Indian Finance Ministry official.

UK PM David Cameron to Resign in October.