Speaking to dozens of Indian entrepreneurs – the real ones who have startups not the multi-nationals, the ones most likely to be affected by Brexit, the ones without political connections – this is what I found from my trip to Pune, Mumbai, Chennai, Hyderabad…just a selection of comments:
Of course the funniest were the ones questioning the intellect of the average Brexit voter. My Indian guests found it hilarious how stupid the Brexiters could be. My guests from India were not shy or diplomatic in their language.
They then asked my views on a host of matters. Here is what I said, taking off my Government hat as UK Government Dealmaker representing the Department for International Trade.
Immigration
My view as a businessman, not in any Government role or statement, was that leaving the EU was about stopping unqualified immigrants to the UK from the EU. So surely that means more numbers from India. That was just what logic told me. I did explain that does not mean open borders for India but the rules remain open for quality candidates.
Business
The whole point of Brexit I said was to reduce red tape and make doing business easier. I will go by what Anand Mahendra said about it being good for Indian companies no longer being hampered by entering the UK market because of some regulation to protect, say, the Romanians from competition.
I explained in my experience Indian companies were coming to the UK not for the access to the EU alone, but ease of doing business and going global from Britain.
Access to EU
I explained I see it inconceivable that a bunch of capitalist free trading countries decide to suddenly become restrictive. It would be irrational. Britain does not have a union with America but both manage to trade openly.
Economy
I explained to the British Deputy High Commissioners and others that the windfall has been unexpected from the vote in some regards. The cost of borrowing for the British government has dropped to the lowest level ever. So it presents a great opportunity for the Government to borrow for 30 years fixed at zero percent cost and invest that money in infrastructure so we get a return on that investment.
Those were the top four questions and my answers to them.
