New Indian Govt to Address Concern Of Asian Business Community

LONDON: Sending out a strong message to Britain's Asian business community, India has assured that the new government would address their concern on issues like taxation and regulatory clearances. "There has been a step change in the India-UK business relationship in the last few years as the UK emerged as the third largest investor in India and India as fifth largest in the UK in cumulative terms," Indian High Commissioner to the UK Ranjan Mathai said.

"And, we would welcome further investment," he said while addressing members of the London Chamber of Commerce and Industry's Asian Business Association (ABA) at India House."There have been issues around taxation and regulatory clearances and I think what the new government will do is to heal some of these issues and assuage some of the investor concerns," Mathai added.

The event was organized as a means of opening a dialogue between UK-based Indian and South Asian entrepreneurs and the Indian High Commission.  "Asian businesses have often flourished together in the UK and I would like to pay tribute to their tremendous contributions to the UK and Indian economies," Mathai said. In reference to the newly-elected Narendra Modi-led government, he added: "It is a clear result which has produced a majority government. The Prime Minister has already spelt out the broad agenda - which will be around stability, growth and governance.

"I believe a combination of measures already announced will get the economy moving back to its potential growth trajectory." The ABA positions itself as the voice of Asian businesses in London and campaigns on a range of policy issues on behalf of its members.  "The ABA is proud to see the victory of a growth-oriented government in India. We would like to work very closely with the new Indian government and ensure business between the UK and India grows multifold," said ABA president Vijay Goel.  India-born entrepreneur Lord Gulam Noon, referred to as Britain's curry king, concluded: "I believe good times have come and businesses that were sitting on the fence will now be excited about investing in India.

READ MORE: India Home to Second Highest Number of Shadow Businesses: Study

Modi Government Forms SIT To Probe Black Money