Billionaire businessman Gopichand Hinduja, chairman of the Hinduja Group.
Aaron Chown | Pa Images | Getty Images
Gopichand Hinduja, the chairman of Indian conglomerate the Hinduja Group and Britain’s wealthiest man, expressed his disapproval of the U.K.’s departure from the European Union. However, he expressed confidence in Prime Minister Rishi Sunak’s ability to revive the country’s struggling economy.
Hinduja believes that the U.K.’s efforts to establish new trade partnerships will provide a much-needed boost to the country and reinstate its reputation as an attractive investment destination. He stated, “The step taken of Brexit was not good for the U.K. To correct it, now they have gone to these 11 countries. This will help.”
Among these partnerships, Hinduja believes that the forthcoming free trade agreement with India will be the most valuable for the U.K. He emphasized the potential of India’s economy, projecting it to become the world’s third-largest economy by 2027.
While acknowledging the challenges faced during the negotiations for the free trade agreement between Britain and India, Hinduja emphasized that the ultimate benefits for the U.K. will be significant, particularly in technology, infrastructure, health, education, and defense.
Long-term investors in the U.K.
Gopichand Hinduja, whose business spans various sectors including IT, property, energy, and healthcare, remains committed to investing in the U.K. despite recent economic weakness. Hinduja stated, “So far as our group is concerned, we have been in many different businesses in the U.K. and we are long-term believers. We don’t go for short-term gains. There is not a single business in our group which has closed or has not been successful.”
The U.K. economy has faced sluggishness in recent years, with a meager 0.1% growth in the first quarter of 2023. Hinduja attributed this to factors outside the government’s control, such as Russia’s invasion of Ukraine. However, he expressed confidence in Prime Minister Rishi Sunak’s economic plan, which aims to reduce inflation, stimulate economic growth, decrease debt, improve healthcare services, and manage immigration.
Despite the Conservative party’s current position behind the opposition Labour Party in the polls, Hinduja believes that Sunak is on the right track to improve the nation’s outlook. The next general election is scheduled to be held no later than Jan. 28, 2025.
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