The UK has voted in a historic referendum, for only the third time in history with a high 72% turnout. This vote saw high engagement from Indian diaspora across the UK in the referendum process, with strong turnouts in regions with significant Indian populations. We respect the British public’s choice to leave the EU. At the same time, the world is an increasingly globalized one and this is an important result not just for the UK, but for world markets also. It is important for business to have certainty and stability, both in a political and economic context.
We expect a greater period of volatility in the days ahead while the trade and investment implications for India and the rest of the world become evident. We expect this to stabilise soon. We would like to reiterate our strong commitment to work with UK business as the UK remains an important economic partner for India, and with 1.5 million Indian diaspora, strong links between the two countries will continue. In this period of uncertainty, as investors look for safe havens globally, we would like to emphasise the Indian growth potential and reforms that have resulted in a stable policy and economic environment, and FDI policies that have made India more attractive for foreign investors.