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Brexit: 'Independence Day' or 'Black Friday'?
India government: Stirred but Not Shaken

NEW DELHI India --  Hailed as 'Independence Day' by Brexit supporters and decried as 'Black Friday 'by Anti-Brexit advocates, Britain has left European Union on 23 June 2016, writes Swami Anand Kul Bhushan.

The results of this referendum sent a Tsunami round the globe, including India.

Brexit supporters went delirious with joy after their slim victory of 52 percent against 48 percent who voted to remain in EU.

  The losers were benumbed with shock as they expected to win.

"Independence Day" for Britain was the new cry as the victors claimed that at last Britons got control over their borders and their laws to serve their needs.

No more hordes of poor European immigrants to take over their jobs and free social benefits.

"Black Friday" moaned the pro-EU as the London Stock Market took a big slide, the sterling was pounded down by almost ten per cent and Prime Minister David Cameron resigned.

More heads are due to fall, notably Labour leader Jeremy Corbyn who started his campaign too late and did not put in enough effort in it.

This is an EMOTIONAL vote by England as the Englishmen were fed up with EU as they deemed it undemocratic and unresponsive to their needs.

The results were tilted by dodgy ‘facts’ dished out by Anti-Brexit lobby.

A week before the poll, a poster showing hordes of refugees streaming in shook the voters.

Yes, after joining EU, Britain already has 850,000 East Europeans, Poles, Hungarians and others, and does not want any more.

Soon after the results, Scotland announced it would hold direct talks with EU to join them.

Ireland also indicated the same move. Many European countries also joined in to hold review their EU membership.

"Independence Day" for Britain was the new cry as the victors claimed that at last Britons got control over their borders and their laws to serve their needs.
With the collapse of financial markets, is it the end of the EU as well?

Get ready for the BIG slide in UK economy!"

One thing is for sure: it will take some time for the British economy to recover as it slows down by an estimated three per cent.

Ads it is, the economy is limping after the 2008 financial crisis and now this!

Trade agreements with European countries will have to be worked out all over again.

Real estate values in London have tumbled with the pound.

Capital and jobs now move away from London as foreign companies can no longer cover Europe from London.

Brexit result has hit every economy, some more than others.

How has India been affected?

The stock market took a tumble and the currency weakened initially but it will recover as India has a strong economy.

Despite the drought for the last two years, India has the fastest growing economy in the world today, healthy foreign exchange reserves and reasonable inflation.

So after the initial fall, the economy will probably recover in a couple of years as it did after 2008.

Yes, Indian experts of goods and services will be affected.

"We are well prepared to deal with short and medium term consequences of Brexit," said Finance Minister Arun Jaitely," Our macroeconomic fundamentals are sound with a very comfortable external position, a rock solid commitment to fiscal discipline and a declining inflation.’

We have three lines of defence, said the Reserve Bank Governor, Raghuram Rajan:

"The first is good fundamentals.

"The second is the fact that we have limited short-term liabilities.

"And the third is, of course, our foreign reserves position."

Holidays and education in Britain becomes cheaper for Indians.

And the very rich Indians (HNIs) will look for real estate options in London as sterling has eased in value.

Overall, the Indian economy will be stirred but not shaken.



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