Brexit should not be seen as a part of the global move towards protectionism, Finance Minister Arun Jaitley said in London.
“As far as the U.K. is concerned my meetings over the last few months, what they have repeatedly emphasised and I accept that message, is that unlike what is happening in certain other countries Brexit should not be interpreted as a protectionist exercise,” he said. “Quite the contrary,” he said.
“The policy message I have got is an extremely liberal one. They would like to expand and open up more,” he said. He will meet Philip Hammond on Tuesday, after meeting Foreign Secretary Boris Johnson on Monday.
He said that in the wake of the U.K. referendum on E.U. membership there had been “considerable” interest within the Indian business community for opportunities for investment in the U.K, and vice versa. “In the midst of the global uncertainties and slowing down of the global economy, India has been able to carry out its reform programme,” he said.
Without referring directly to Vijay Mallya, he said that the issue of defaulters was an issue he raised with his counterparts in other countries. He said the government had sent the signal that they took the issue of defaults against the financial system “very seriously” and would “lend full support to financial institutions to recover up to their last pie.” “Our investigating agencies… are utilizing every provision of the law to recover the amounts…and also approach their counterparts though the legal process to make sure we are able to get these people back and hold them responsible as per law…when the opportunity does come I do mention it to counterparts here.”
