Key Points

  • Britains richest man Gopichand Hinduja has come out to accept that Brexit was a disastrous decision for the U.K. and has driven the economy down.
  • The Indian-born investor believes that PM Rishi Sunak can resuscitate the economy and lift pain from the markets.

Britains richest man Gopichand Hinduja believes it was a bad idea for Britain to go on with Brexit, which could be attributed to the current economic slowdown. However, he is convinced the current regime could pull the country out of its economic shackles.

Brexit was not good for the U.K.: Britains richest man Gopichand Hinduja.

Billionaire Gopichand Hinduja condemned the departure of the U.K. from the European Union, saying, “The step taken of Brexit was not good for the U.K.,”

He spoke to CNBC’s Tanvir Gill on Monday, reflecting on the decision for the U.K. to leave the European Union in 2016, seen through in Jan 2020. He says the current regime has everything it takes to turn the economy around.

At the time, India and the U.K. had bilateral trade talks to increase their partnerships. The Indian-born billionaire is the chairman of the Indian conglomerate Hinduja Group. He believes that increased cooperation between the two countries will provide a much-needed boost to their economies.

India has been projected to become an overwhelmingly big economy in the coming years, which makes it wise to invest in them. In a recent report by the UN, India is set to overtake the U.S. to become the second-largest global economy by 2080. 

In the talks with the CNBC reporter, Hinduja said:

“The biggest help the U.K. can get is from India, because India’s economy, by 2027, will be the third largest in the world.”

He also added that the U.K. still needs to be better off, but bureaucracy could hinder its growth. He terms it as the “biggest problem,” but added that the continued cooperation between the two countries will open more opportunities for them and their citizens.

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