 "Sarah Green")
There is concern among Corporate India on uncertainty around Britain's coming referendum on membership of the European Union (EU). Sarah Green, director, member relations, regions and nations, Confederation of British Industry (CBI), allays fears of India Inc, in an interaction with Sudipto Dey. Leading a British delegation to India, Green explains British industry is in favour of remaining in the EU. Excerpts:
On Brexit:
We have a very clear mandate from our membership. They represent two-thirds of private sector workforce in the UK - around seven million employees. We just conducted a poll, where eight of 10 members believe it is better to do business in a reformed Europe. Only five per cent of our membership did not feel that way. It is pretty clear that the message from (British) business is positive about the common market that Europe creates.
We want to encourage (British) industry to export to Europe, and to go beyond. It is not a trade-off. The EU's ability to negotiate trade deals is very important for the future of British exports. The bargaining power as part of the European block is important for us to create trade relationships.
On possible impact of uncertainty around Brexit on Indo-British trade and investment
British business' position is clear. We want investments to continue from India to the UK throughout the process. We will work very hard with those businesses that have invested in the UK, in order to create a stable political environment for investments to come. There has been lot of focus on India in Britain after (Prime Minister Narendra) Modi's visit. The Make-in-India piece is of interest to a lot of businesses in the UK. There is demand from British industry to understand more of what is happening in India.
Key concerns of British business about India
Shehla Hasan, country head, India, CBI: We are very happy the government is looking at improving the country's ranking in Ease of Doing Business from 130th place to 50th position.
The idea of competitive federalism is very good. But everybody is waiting for GST to be implemented. That would give a standardised taxation structure across the entire country. We generally advice our British investors that India is not a single market, but many markets - ever state is a market in itself. So in that regard, GST will be a huge plus once that comes in.
