UK exit from EU to hit Indian businesses, professionals: Ficci

The event of Britain leaving the European Union is likely to hit investments and will shroud Indian businesses engaged with the UK in uncertainty, industry chamber Ficci said today.
British Prime Minister David Cameron's deal with the EU to avoid a "Brexit" last week was handed a setback as popular London Mayor Boris Johnson declared his support for the exit campaign in the June 23 referendum.
"UK is a valued economic partner for India and we firmly believe that its leaving the EU would create considerable uncertainty for Indian businesses engaged with UK and possibly have an adverse impact on investment and movement of professionals to the UK," Ficci Secretary General A Didar Singh said in a statement.

Pointing out that Britain is considered an entry point and a gateway for the European Union by many Indian companies, Singh said: "While deciding on membership of the EU is a sovereign matter for Britain and its people, Indian industry is of the view that foreign businesses cannot remain isolated from such decisions".
The UK Cabinet is split over the issue with 17 members in favour of staying in the EU and five wanting to leave. The ruling Conservative party MPs are also split - 142 to 120 in favour of staying.