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Impact of Brexit vote for India (Relevant for GS Prelims, GS mains Paper II, Topic: Impact on India of Brexit)

Possible concerns of India

1. Brexit may reduce global trade and consequently, growth of all economies around the world.
Mr. Jaitley reiterated the government’s growth forecast for the economy, and said it would push for the passage of the GST Bill. Introduction of GST is believed to facilitate the growth of economy.

2. India is less exposed to the external sector as compared to many other countries.
To some extent India is not a significant commodity exporter. The economy itself is on a stronger growth path than elsewhere and after the initial concern of Brexit, people will look around for places that are relatively less affected.
 
3. The rupee initially weakened past 68 a dollar before RBI intervention though state-owned banks smoothed the volatility and helped the Indian currency close 71 paise lower at 67.96.

4. In a separate statement, the RBI chief said the Indian economy has good fundamentals, low short-term external debt, and sizeable foreign reserves.Thus, it is less vulnerable on account of Brexit.

5. There are concerns that Indian companies in the IT and automobiles sector, having base in the U.K., may face issues in getting preferential access to the EU market post Britain’s exit.
Europe is the second largest market for Indian IT-BPM industry, constituting almost 30 per cent of the sector’s export revenue of about $100 billion.



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