The High Commission of India on 6 February 2017 organised an evening at India House, London, to analyse and discuss the emerging opportunities with India's latest budget.
The welcome address was given by Mr Saikat Sen Sharma, a Counseller at the Indian High Commission followed by remarks from HE Y K Sinha, the High Commissioner of India to UK and Mr David Stringer-Lamarre, Chairman, Institute of Directors (IoD)- City of London. Speakers included Lord Karan Bilimoria, A Crossbench peer, Mr Vindi Banga, Senior Partner of Clayton, Dubilier and Rice and Chair, FICCI India-UK Adviosory Group, Mr Rakesh Gupta, President, HIPS Ltd, Mr N Shankar, Vice President and Head-UK & Ireland, TCS, Ms Devie Mohan, FinTech Market Strategist and Mr Satyendra Srivastava, Partner, Khaitan Legal Associates. The moderator was Ambassador Dinesh Patnaik, the Deputy High Commisioner of India to the UK.
The evening was attended by the diaspora many of who are business leaders, professionals, researchers, analysts, investors and decision makers. Targeting the niche gathering at this event, the 2016 edition of the Global India Rich List magazine, published by Asian Voice was handed over to the audience, to give them a further reference of India's global wealth and growing potentials.
HE Sinha said the impact of the policies announced by Finance Minister Arun Jaitley on February 1 would have a worldwide positive impact. Kick starting the discussion, the Deputy High Commissioner, who chaired the session, spoke about some of the key features of this year's budget, describing the 2017 Budget as one of "many firsts": "This was the first paperless budget and fully online, the date itself was advanced to February 1, non-plan and plan expenditure was merged into one and the Railway Budget was incorporated into the main Budget for the first time."
While most of the speakers praised the demonetisation scheme that (according to them) has been an extended part of the 'clean' India project, they were of the opinion that deglobalisation has not affected India as much or interestingly have worked out to its favour, unlike in other parts of the world.
All the speakers present described India's annual budget as reaffirming the reform agenda, but some highlighted its dependence on government spending and a lack of private sector push to fire up the economy, including Mr Banga, who gave credit to the consumer oriented market for India's success and growth.
Devie Mohan, FinTech market strategeist said, "This Budget buffers India from the uncertainties of the world well," but also pointed out how poor digital banking is a hindrance. But she's hopeful, that India is now almost ready for FinTech.
Lord Karan Bilimoria not only commended India's growth and the Indo-British economic ties, but also praised this budget's special emphasis on underprivileged, poor and farmers of the country. However, he urged that it's high time that India should open up its higher education to foreign universities.
It was obvious that questions would come up about President Trump and his immigration policies- and if they are affecting India's relationship with the US. Mr Shankar from the TCS elaborated how Mr Trump's policies would actually encourage companies to invest locally, a further growth for Indian digital market. The speakers emphasised that a lot is going on in India's favour and with a successful Indian diaspora in the USA, the Indo-US relationship may not suffer at all. With fast moving regulations, private push and a better digital economy, the diaspora in the UK is confident that India would grow soon into an economic giant.
