Brexit: Indian companies can expect deregulated market in Britain, says Top RBI Official
Kochi: Indian companies can expect a deregulated market in Britain, minus EU's complex bureaucratic regulatory structure said, U Chiranjeevi, GM, Reserve Bank of India, Kochi.
He was inaugurating a one-day seminar on the `Importance of Financial Documents in Foreign Trade', organised by International Chamber of Commerce India (Indian affiliate of ICC) in association with Federation of Indian Chambers of Commerce and Industry (FICCI) and State Bank of India (SBI) here the other day.
The implications of Brexit are significant for China and India as they are now significant capital exporters to EU and Britain. In all probability, they will have to revisit bilateral investment protection agreements with the UK separately. The UK accounts for 15 per cent of India's total merchandised trade, but its share has been declining. Thus, one can expect Britain to try extra hard to woo Indian companies to invest there by providing much bigger incentives in terms of tax breaks, lesser regulation and other financial incentives,'' he observed.
Reserve Bank of India has always taken a calibrated and open-ended approach to strengthen foreign trade. In the past few years, the foreign trade policy has been more favourably inclined towards exports compared to imports.
RBI has taken effective steps to move in tandem with the government's efforts towards Make in India, Digital India, Start up India Stand up India and ease-of-doing-business, he said.
K Parameswaran, renowned Corporate Adviser and Trainer in International Trade and Relations led the sessions.
Ashok Ummath, Executive Director, ICC India; Omesh Puri, Dy. General Manager (IB Domestic), SBI and Savio Mathew, Head, FICCI Kerala State Council also spoke.