UKIBC submit recommendations to Reserve Bank of India to support British business
The UKIBC has submitted several recommendations that would help companies to operate more effectively in India, currently constrained by lockdown and financial restrictions.
Our latest submission is an extension to our virtual roundtable discussions and detailed submissions to the Department for Promotion of Industry and Internal Trade (DPIIT) and Invest India with UK industry recommendations in light of the COVID-19 lockdown.
As part of our ongoing engagement with industry and with Government on the policy and regulatory challenges faced due to the lockdown situation in India, UKIBC had submitted to DPIIT and Invest India the key asks from British companies based in India.
The key asks of the financial services sector pertain to Reserve Bank of India (RBI) and Small Industries Development Bank of India (SIDBI). Accordingly, we have also submitted our financial sector recommendations directly to RBI and SIDBI.
Last week, RBI announced guidelines to support the industry on refinancing facility for small industries development bank of India, export credit, moratorium on term loan instalments, etc. which would be significant support for the industry going forward.
UK-India Business Council (UKIBC) is the voice of British industry in India and supports it through advocating policy and regulatory asks with the Indian government.