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The <keyword id="160935" type="COMPANY" weightage="20" keywordseo="UK-Home-Office">UK Home Office</keyword> on Thursday formally opened its new post-study work visa for international students, which would offer overseas graduates from <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> and other destinations the option to apply for the right to stay on for job experience at the end of their university courses. The <keyword id="23976" type="COMPANY" weightage="20" keywordseo="graduate">Graduate</keyword> route visa, announced last year by UK Home Secretary <keyword id="132666" type="PERSON" weightage="20" keywordseo="Priti-Patel">Priti Patel</keyword>, is now open for applications from this week and is expected to particularly benefit Indian students, who are known to choose their degree courses based on the prospect of work experience. The Graduate route is designed for international graduates who have been awarded their degree from a recognised UK university to stay on and look for work for at least two years. "To put it into some context, last year more than 56,000 Indian nationals were granted a student visa, that's a 13 per cent increase on the previous year, and that is almost now a quarter of all student visas issued by the UK," Patel told . "When you think about those numbers, think about the totality in terms of how this route will benefit India, it's a very, very big move. And, we will continue to work with the various academic institutions on making this route viable," she said. For the new route, international graduates must have completed an eligible course at a UK higher education provider with a track record of compliance with the government's immigration requirements. It is unsponsored, meaning applicants do not need a job offer to apply and crucially they can use a two-year period to stay on and look for a job. There are no minimum salary requirements or caps on numbers, allowing graduates on the route to work flexibly, switch jobs and develop their career as required. "As we build back better, it is vital that the UK continues to be a beacon for talented young people across the globe who want to make a difference. The new Graduate route does just that, giving the best and brightest graduates the opportunity to continue contributing to the UK's prosperity and the freedom to kickstart their careers in the UK," said Patel. A coronavirus concession on the date by which students must enter the UK to qualify for the route, if they started courses in 2020 and are unable to travel due to the pandemic, was recently extended. Applicants who began their studies in autumn 2020 or in spring 2021 will need to be in the UK on a student visa by September 27 this year. Students beginning their course later this year or early next year will need to be in the UK by April 6, 2022. This has been welcomed by Indian student groups in the UK, concerned about India's categorisation under the red list of countries from where travel currently remains banned, making it compulsory for Indian students to quarantine at considerably additional expense. "Many other countries do not offer that microcosm, foundation of diaspora community, natural heritage, all the cultural links, all the values that we share between our two countries. That puts us in a very strong position, both for Indian students coming here and securing their future opportunities in the workplace," Patel said. The new route, part of the <keyword id="3444934" type="COMPANY" weightage="20" keywordseo="post-brexit">post-Brexit</keyword> points-based immigration system, is pegged as part of the UK's Global Britain message of attracting the best talent from around the world and covers all parts of the United Kingdom. "International students are a vital part of our society, and those who graduate from our world-leading universities should have the opportunity to stay and build meaningful careers here in the UK," said Universities Minister Michelle Donelan. "That is why we are introducing this new route for international graduates, enabling British businesses to attract and retain some of the brightest, most talented graduates across the globe, and helping this nation build back better from the pandemic," she said. Anne Marie Graham, Chief Executive of UK Council for International Student Affairs, said: "We know that employability is a priority for international students coming to study in the UK. "International students who are able to access this route will have the flexibility to apply for work in any sector or role that fits their skills profile, including self-employment without the need for employer sponsorship." To apply under the new Graduate route, international students must have completed an eligible course at a recognised UK higher education provider at undergraduate or higher level. Students on the route will be able to work or look for work after their studies for a maximum period of two years, or three years for Doctoral PhD students. The National Indian Students and Alumni Union UK (NISAU) was among the groups that actively lobbied the UK government for such a post-study visa route. "Genuine Indian applicants with demonstrable skills should considerably benefit," it added. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/twitter-is-giving-away-140-free-nfts-to-followers-and-theyre-not-available-any-other-way/articleshow/84010546.cms">Twitter is giving away 140 free NFTs to followers — and they’re not available any other way</a> <a href="https://www.businessinsider.in/business/startups/news/new-technology-is-putting-conventional-jobs-out-of-business-msme-exchange-panelists-highlight-on-how-it-helps-in-the-long-run/articleshow/84013275.cms">New technology is putting conventional jobs out of business -- MSME Exchange panelists highlight on how it helps in the long run</a> <a href="https://www.businessinsider.in/business/startups/news/swiggy-coo-vivek-sunder-will-be-exiting-the-company-by-october/articleshow/84010468.cms">Swiggy COO Vivek Sunder will be exiting the company by October, CEO Sriharsha Majety may take over</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-stocks-tank-after-march-quarter-results/articleshow/84010118.cms">Vodafone Idea shares in deep red as an uncertain future looms</a>

Students looking to immigrate to UK can now start applying for the new post-study work visa route

<ul><li>Boris Johnson has won a historic majority for the conservatives in the United Kingdom, not seen since Margaret Thatcher.</li><li>With 326 of 650 Parliament seats, Prime Minister Johnson has enough strength to 'Get Brexit Done'. </li><li>The UK will be out of the European Union by January end and while that will still hurt the economy, it ends a lot of uncertainty.</li><li>There are a record 842 Indian companies operating in the UK, with combined revenues of over £48 billion.</li></ul>Boris Johnson has a historic majority for the conservatives in the United Kingdom, not seen since Margaret Thatcher. With a whopping 326 seats for the winning side, according to the BBC, Prime Minister Johnson has more than enough strength in the 650-member Parliament to 'Get Brexit Done' i.e. the UK will be out of the European Union by January end, which was his election promise. Soon after, a bunch of Indian stocks rallied on Thursday celebrating a possible deal that will end the uncertainty as they derive a big chunk of their business from the UK. Three of those companies were from the Tata Group namely, Tata Consultancy Services (TCS), Tata Communications, and Tata Motors, which owns the UK-based Jaguar Land Rover brands of luxury cars. There are now a record 842 Indian companies operating in the UK, with combined revenues of over £48 billion, according to a Grant Thornton report in April 2019. Only eight of those companies have an annual revenue of over £250 million. <table style="border-width: initial; border-style: none; background-color: rgb(255, 255, 255); font-size: 16px; line-height: 1.6em; box-shadow: none; width: 480pt; font-family: Merriweather; padding-bottom: 10px !important; background-image: inherit !important; background-position: inherit !important; background-size: inherit !important; background-repeat: inherit !important; background-attachment: inherit !important; background-origin: inherit !important; background-clip: inherit !important;"></colgroup></colgroup><tbody><tr><td class="xl65" style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; height: 15pt; width: 120pt;">Company</td><td class="xl65" style="border-top: 1px solid rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; width: 120pt;">Revenue from UK</td><td class="xl66" style="border-top: 1px solid rgb(221, 221, 221); border-right: solid transparent; border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; width: 120pt;">Employees in UK </td><td class="xl67" style="border-top: 1px solid rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; width: 120pt;">Share price gains on Dec 13</td></tr><tr><td class="xl68" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: 1px solid rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; height: 15pt; width: 120pt;">Mastek</td><td class="xl69" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; width: 120pt;">71%</td><td class="xl70" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; width: 120pt;">2200</td><td class="xl71" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">+6.57%</td></tr><tr><td class="xl68" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: 1px solid rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; height: 15pt; width: 120pt;">HCL Tech</td><td class="xl69" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; width: 120pt;">17%</td><td class="xl70" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; width: 120pt;">2538</td><td class="xl72" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">+0.17%</td></tr><tr><td class="xl68" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: 1px solid rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; height: 15pt; width: 120pt;">Tata Motors</td><td class="xl69" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; width: 120pt;">13%</td><td class="xl73" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; width: 120pt;">42,660</td><td class="xl71" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">+3.63%</td></tr><tr><td class="xl68" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: 1px solid rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; height: 15pt; width: 120pt;">Tata Steel</td><td class="xl69" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; width: 120pt;">13%</td><td class="xl73" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; width: 120pt;">21,100</td><td class="xl71" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">+3.51%</td></tr><tr><td class="xl68" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: 1px solid rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; height: 26.25pt; width: 120pt;">Tata Consultancy Services (TCS)</td><td class="xl69" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; width: 120pt;">13%</td><td class="xl70" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; width: 120pt;">2686</td><td class="xl71" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">+0.5%</td></tr><tr><td class="xl68" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: 1px solid rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; height: 15pt; width: 120pt;">Tata Chemicals</td><td class="xl69" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; width: 120pt;">3%</td><td class="xl70" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; width: 120pt;">1048</td><td class="xl71" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">+1.17%</td></tr><tr><td class="xl68" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: 1px solid rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; height: 15pt; width: 120pt;">Tech Mahindra</td><td class="xl69" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; width: 120pt;">11%</td><td class="xl73" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; width: 120pt;">1,190</td><td class="xl71" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">-0.46%</td></tr></tbody></table> This would mark the end of an uncertainty, that has lingered on since the people of Britain voted to leave the EU for the first time June 2016. While leaving the monetary union will still be a setback for the British economy⁠— a recent estimate estimated a 1.1% to 2.6% contraction in GDP⁠— businesses are heaving a sigh of relief that at least the problems will be more predictable now. SEE ALSO: <a href="https://www.businessinsider.in/politics/news/the-campaign-to-stop-brexit-is-over-and-britain-is-heading-for-another-decade-of-conservative-dominance/articleshow/72499424.cms" data-type="tilCustomLink" target="_blank">The campaign to stop Brexit is over and Britain is heading for another decade of Conservative dominance</a>

Boris Johnson is not the only one celebrating a historic majority  for UK conservatives— a bunch of Indian stocks are thrilled too

<ul><li>Britain and the European Union have agreed on the outline for a deal for the United Kingdom's exit from the monetary union.</li><li>The deal will still need the approval of both the UK and European parliaments.</li><li>A bunch of Indian stocks rallied on Thursday celebrating a possible deal that will end the uncertainty as they derive a big chunk of their business from the UK.</li></ul>Britain and the European Union have agreed on the outline for a deal for the United Kingdom's exit from the monetary union. While Prime Minister Boris Johnson celebrated on Twitter, and the European Commission President Jean-Claude Juncker said it was a "fair and balanced agreement", the deal will still need the approval of both the UK and European parliaments. Meanwhile, a bunch of Indian stocks rallied on Thursday celebrating a possible deal that will end the uncertainty as they derive a big chunk of their business from the UK. Three of those companies were from the Tata Group namely, Tata Consultancy Services (TCS), Tata Communications, and Tata Motors, which owns the UK-based Jaguar Land Rover brands of luxury cars. There are now a record 842 Indian companies operating in the UK, with combined revenues of over £48 billion, according to a Grant Thornton report in April 2019. Only eight of those companies have an annual revenue of over £250 million. <table style="width: 480pt;"> </colgroup> <tbody><tr> <td class="xl65" style="height:15.0pt;width:120pt">Company</td> <td class="xl65" style="border-left-width: initial; border-left-style: none; width: 120pt;">Revenue from UK</td> <td class="xl66" style="border-left-width: initial; border-left-style: none; width: 120pt; border-right-width: initial; border-right-color: transparent;"> Employees in UK </td> <td class="xl67" style="border-left-width: initial; border-left-style: none; width: 120pt;">Share price gains on Oct 17</td> </tr> <tr> <td class="xl68" style="height: 15pt; border-top-width: initial; border-top-style: none; width: 120pt;">Mastek</td> <td class="xl69" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 120pt;">71%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 120pt;">2200</td> <td class="xl71" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">+7.62%</td> </tr> <tr> <td class="xl68" style="height: 15pt; border-top-width: initial; border-top-style: none; width: 120pt;">HCL Tech</td> <td class="xl69" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 120pt;">17%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 120pt;">2538</td> <td class="xl72" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-1.06%</td> </tr> <tr> <td class="xl68" style="height: 15pt; border-top-width: initial; border-top-style: none; width: 120pt;">Tata Motors</td> <td class="xl69" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 120pt;">13%</td> <td class="xl73" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 120pt;">42,660</td> <td class="xl71" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">+13.27%</td> </tr> <tr> <td class="xl68" style="height: 15pt; border-top-width: initial; border-top-style: none; width: 120pt;">Tata Steel</td> <td class="xl69" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 120pt;">13%</td> <td class="xl73" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 120pt;">21,100</td> <td class="xl71" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">+3.6%</td> </tr> <tr> <td class="xl68" style="height: 26.25pt; border-top-width: initial; border-top-style: none; width: 120pt;">Tata Consultancy Services (TCS)</td> <td class="xl69" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 120pt;">13%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 120pt;">2686</td> <td class="xl71" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-0.85%</td> </tr> <tr> <td class="xl68" style="height: 15pt; border-top-width: initial; border-top-style: none; width: 120pt;">Tata Chemicals</td> <td class="xl69" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 120pt;">3%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 120pt;">1048</td> <td class="xl71" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">+2.08%</td> </tr> <tr> <td class="xl68" style="height: 15pt; border-top-width: initial; border-top-style: none; width: 120pt;">Tech Mahindra</td> <td class="xl69" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 120pt;">11%</td> <td class="xl73" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 120pt;">1,190</td> <td class="xl71" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-0.4%</td> </tr></tbody></table>

Boris Johnson's Brexit deal sets Tata Group and other stocks alight in India

<ul class="summary-list"><li>Multiple reports suggest <keyword id="6380867" type="PERSON" weightage="60" keywordseo="boris-johnson">Boris Johnson</keyword> is experiencing serious money problems.</li><li>They claim that his recent divorce, multiple children, and reduced income have left him severely hard up.</li><li>The reports come amid other claims that he has sought to use donors to pay for his living costs.</li><li>Yet those who know Johnson well believe there is a much simpler explanation for him claiming hardship.</li></ul>Boris Johnson has told friends that he is experiencing <a href="https://www.thetimes.co.uk/article/overburdened-underpaid-and-misery-on-his-face-boris-johnson-gets-the-blues-r9jl63m2q">serious money problems.</a>Multiple reports suggest that the UK Prime Minister's financial situation has led to him attempting, and in some cases succeeding, to use donations from the <keyword id="107792" type="ORGANIZATION" weightage="60" keywordseo="Conservative-party">Conservative party</keyword>, and other donors, to pay for:<ul><li>The <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/990394/Report_by_the_Independent_Adviser_May_2021__1_.pdf">refurbishment of his Downing Street residence</a></li><li><a href="https://www.dailymail.co.uk/news/article-9580509/Inquiry-Boris-Johnsons-Mustique-holiday-says-failed-say-financed.html">A Caribbean holiday with his fiancee Carrie Symonds</a></li><li>His <a href="https://www.independent.co.uk/news/uk/politics/boris-johnson-nanny-flat-loan-b1840805.html">child's nanny </a></li><li><a href="https://www.independent.co.uk/news/uk/politics/boris-johnson-nanny-flat-loan-b1840805.html">His own personal trainer</a></li><li><a href="https://www.dailymail.co.uk/news/article-9606217/Butler-smuggled-27-000-organic-takeaways-No-10-paid-wife-Tory-donor.html">£27,000 worth of takeaway meals</a></li></ul>Some commentators close to Johnson have suggested that these alleged money problems are due to the reduction in his income since entering Downing Street, combined with payments for his <a href="https://www.businessinsider.com/boris-johnson-refuses-to-say-how-many-children-he-has-2019-11">indeterminate number of children</a>, and his <a href="https://www.theguardian.com/politics/2020/feb/18/boris-johnson-agrees-divorce-settlement-with-marina-wheeler">divorce from his second wife Marina Wheeler.</a>Without having access to Johnson's personal financial records it is impossible to know for sure quite how seriously to take these claims of his supposed hardship.However, <keyword id="6357018" type="DEFINITION" weightage="60" keywordseo="Analysis">analysis</keyword> of his declared income, as well as accounts of his past behavior, does give some reason to doubt it.<h2>In the top 1% of earners</h2><div type="image" title="boris johnson" height="1079" width="2158" msid="83064671" hostid="261"></div>To begin with, it is worth pointing out that Johnson's £160,000 salary as prime minister, while not stratospheric compared to some of his higher-earning peers, still puts him in the <a href="https://www.ifs.org.uk/publications/14303">top 1% of all earners in the UK.</a>It's also worth pointing out that, unlike most people, his housing, transport, and large parts of his living costs are also covered by the taxpayer.And while he has had a significant reduction in his main sources of income since becoming prime minister, prior to his premiership he was one of the highest-earning politicians in the country, raking in over <a href="https://www.theguardian.com/politics/2018/oct/03/daily-telegraph-rehires-boris-johnson-on-275000-salary">£275,000 a year from his Telegraph column</a> on top of his salary as a politician.And although he has been forced to abandon that column, he does still continue to make many thousands of pounds worth of royalties from his back catalogue of books every year, according to <a href="https://www.theyworkforyou.com/regmem/?p=10999">his register of interests.</a>In addition to this, he also declared £123,000 for a single speech in India in 2019, plus £88,000 from publishers Hodder and Staughton for an advance on as-yet unpublished book about Shakespeare.Yet despite all this past and present income, a report by <a href="https://www.thetimes.co.uk/article/dominic-cummings-herd-immunity-was-uk-policy-c0dkscmhs">last week's Sunday Times</a> quoted a government source suggesting that the prime minister was so hard up that he had missed key emergency meetings at the start of the pandemic due to "working on a biography of Shakespeare, the money from which he needed to fund his divorce."A spokesperson for the publisher would not comment on whether Johnson had kept the advance for the as-yet-unpublished book, telling Insider only that "We have not scheduled the book to be released in the foreseeable future," and "we never comment on our authors' advances."<h2>He would 'never ever buy a drink'</h2><div type="image" title="boris johnson pint" height="1239" width="2480" msid="83064673" hostid="261"></div>So is Johnson really as hard-up as insiders and his media allies suggest, or is something else going on?The Prime Minister's <a href="https://www.amazon.co.uk/Just-Boris-Ambition-Biography-Johnson/dp/1845137167">biographer Sonia Purnell</a>, who worked closely alongside Johnson in his early career as a journalist, is not convinced and believes there may be a much simpler explanation.Rather than being desperately hard-up, Purnell suggests Johnson may simply be acting as he has always done, which is to find any excuse he can to avoid opening his wallet."All the way through his life he has been very successful at avoiding paying for anything," Purnell tells Insider."It's a game he has always played... I mean what does he spend his money on? It's certainly not on buying people rounds of drinks in the pub."He's never done that. All the time I was in Brussels... you would go to the bar and he would drink other people's drinks and never ever buy a drink. I mean never.Associates of Johnson say he also has a tendency not to pay his debts."One of the first things I was told by someone else when I arrived there is that he will ask you to lend him money," Purnell says."Never do it because he asks everybody and never ever pays it back."His reputation for failing to pay money back even extended to one wary EU official quoted in Purnell's biography of Johnson. "You were always wary," the official told Purnell."I was told never to lend him money as he never paid it back - so when he asked for the equivalent of £50, I refused."<h2>Empty envelopes</h2><h2><div type="image" title="boris johnson money" height="2120" width="4241" msid="83064676" hostid="261"></div></h2>With multiple houses, book deals and a large salary, Johnson is, by any reasonable standard, well off.Yet those who know Johnson describe him as almost comically tight with money.When first dating his second wife he claims to have taken her to a meeting of the Hare Krishnas in order to avoid paying for lunch, which he told the Evening Standard in 2008 that she had "never forgiven me" for.He continued the habit into later life, famously <a href="https://www.standard.co.uk/news/londoners-diary/boris-fails-to-pay-his-share-of-davos-pizza-8472466.html">losing a £1,000 bet with his former employer Max Hastings,</a> only to refuse to pay him.After much nagging, Johnson finally agreed to hand over the money, only to then send Hastings an empty envelope."Whether or not Hastings actually needed the money is neither here nor there," Purnell tells Insider."The fact he sat there, addressed an envelope, sealed it, and posted it and then there was nothing in it, is just bizarre behaviour."By all accounts, Johnson continued to be reluctant to pay his own way.Indeed one of my own first encounters with Johnson was in the canteen in the basement of London's City Hall when he was at the peak of his earning powers as Mayor of London and star Daily Telegraph columnist.As I was standing waiting to pay for lunch with a fellow journalist, Johnson shuffled over and asked my companion to lend him £3 for his sandwich which, somewhat taken aback, he did.Insiders say Johnson's notoriously scruffy appearance was also in part due to his reluctance to spend money on clothes.Indeed his outfits while mayor, which often constituted a strange combination of a faded grey jacket and <a href="https://www.alamy.com/stock-photo-boris-johnsonmayor-of-london-and-mp-for-uxbridge-and-south-ruislipat-95431233.html">municipal beanie hats</a>, were in part, according to one former colleague, lifted by Johnson from Transport for London's lost property office.<h2>How bad was his divorce settlement?</h2><div type="image" title="boris johnson marina wheler" height="2400" width="4800" msid="83064679" hostid="261"></div>At the centre of claims of Johnson's supposed hardship is his divorce last year from his second wife.However, Johnson's biographer throws doubts on claims from Johnson insiders that their separation has left him penniless."I think it's a rather sexist assumption to blame it on Marina," Purnell tells Insider."After all she is a very high-earning person herself and always has been. She is a QC and has done very well."I just don't buy that she took him to the cleaners."<h2>Are Johnson's finances a security risk?</h2><div type="image" title="Boris Johnson Russia" height="600" width="1200" msid="83064682" hostid="261"></div>Whether or not Johnson is genuinely hard-up, or is merely claiming to be in order to avoid dipping into his own pocket, some people believe the very existence of claims about his finances could be damaging.The revelation that Johnson had <a href="https://www.businessinsider.com/boris-johnson-county-court-judgement-for-an-unpaid-debt-2021-5">received an unpaid debt order</a> from a court led to one <a href="https://www.businessinsider.com/boris-johnson-spy-hostile-states-debt-orders-to-destroy-reputations-2021-5">former spy telling Insider</a> that such claims could be used to damage his reputation, while others suggested they could also potentially leave him open to blackmail by hostile states."All of these stories saying he is hard up is a bit like putting the begging bowl out," Purnell told Insider."I imagine MI6 were quivering in their boots. It could be interpreted as an invitation to breach his own security and national security. You just don't do that as prime minister."And while claims about Johnson seeking donations to pay for luxury takeaways and wallpaper have only belatedly emerged, it remains unclear who exactly he has sought these donations from."We have no idea who is giving him this money for wallpaper and holidays and all the rest of it," Purnell says."And these are just the things we know about.""What else have people paid for? His personal trainer, his nanny, the takeaways, everything. It just mounts up and makes him one big security risk right there in Downing Street."A spokesperson for Johnson was contacted for comment.

Boris Johnson has told friends he is broke and has to accept free holidays and meals from donors. But the truth is likely very different

<ul><li><keyword id="181580" type="COMPANY" weightage="20" keywordseo="Indian-CEOs">Indian CEOs</keyword> are looking to grow 94% in 2019 with plans to expand into mature economies in North America and Europe. </li><li>But global geopolitics have concerned over the ‘return to territorialism’ amid the <keyword id="6241419" type="UNKNOWN" weightage="20" keywordseo="US-China-trade-war">US China trade war</keyword>, <keyword id="421732" type="PERSON" weightage="20" keywordseo="protectionist-policies">protectionist policies</keyword> and Brexit. </li><li>Even so, 64% of CEOs are likely to invest in the UK after its exit from the European Union is finalised. </li></ul>As India’s aspires to become $5 trillion economy by 2025, India’s CEOs want to ride that wave and grow 94% this year. It’s not just about growing their businesses in India. But they want to expand their global empire to more mature economies like the <a href="https://www.businessinsider.in/the-price-of-brexit-has-been-16366-billion-so-far-plus-an-impending-recession-160and-it-hasnt-even-started-yet/articleshow/68763254.cms">UK</a> and the US as well, according to KPMG’s India CEO Outlook 2019. The global climate is growing increasingly turbulent and Indian CEOs aren’t oblivious, one of the primary concerns being the global ‘return to territorialism.’ This land is ‘my’ land As Indian CEOs are looking outwards, the ‘return of territorialism’ is a growing concern as countries are starting to look inwards. This is on top of the minds of Indian CEOs after <a href="https://www.businessinsider.in/why-the-staggering-costs-of-climate-change-on-india-are-much-more-than-monetary-losses/articleshow/66161296.cms">climate change</a> and disruptive technology. The <a href="https://www.businessinsider.in/trumps-escalations-of-the-trade-war-against-china-could-push-washington-towards-a-direct-confrontation-with-beijing-experts-warn/articleshow/69413005.cms">trade war</a> between the US and China has left them worried, as a majority want to take their products and services abroad. As many as 54% of CEOs are looking to expand into North America and Europe, which is a shift for companies that normally look at emerging economies. Even within emerging markets, the focus has shifted from expanding in Africa to Central America. 
 <div type="image" title="kpmg" msid="70169828" hostid="261"></div>

 Tensions between the <a href="https://www.businessinsider.in/indian-products-can-be-more-competitive-in-the-shadow-of-the-us-china-trade-war/articleshow/65294615.cms">US and China</a> could be an opportunity for India to expand its manufacturing but if it goes on for too long, global economies could start to slow down. The effect of the US China trade on China has already started to spill over and affect companies like <a href="https://www.businessinsider.in/apples-iphone-problems-are-becoming-samsungs-problems-and-it-wants-to-sue/articleshow/69975021.cms">Samsung</a>. The resulting increase in <a href="https://www.businessinsider.in/heres-what-sundar-pichai-had-to-say-to-the-indian-government/articleshow/65756506.cms">protectionist policies</a>, like <a href="https://www.businessinsider.in/data-protection-for-indian-businesses-inadequate/articleshow/68613117.cms">data localisation</a> and <a href="https://www.businessinsider.in/india-tariff-on-us-imports-ahead-of-mike-pompeos-visit-to-delhi/articleshow/69819645.cms">increase in tariffs</a>, are likely to increase operating costs for companies. And even though <a href="https://www.businessinsider.in/no-deal-brexit-almost-half-of-brits-are-stockpiling-food-medicine-and-clothes-as-uk-heads-for-the-cliff-edge/articleshow/70113723.cms">Brexit</a> is concern, 64% of CEOs from India said they are more likely to invest in the UK after the country’s exit from the European Union.

There are three reasons why Indian CEOs have put global expansion plans on hold

<ul><li><keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> is set to overtake the UK in 2019 in the rankings of the world’s largest economies. </li><li>The India economy may witness a growth of 7.6% in 2019 whereas the UK economy will only see a growth of 1.6% if it deals with the no-deal <keyword id="6355333" type="UNKNOWN" weightage="20" keywordseo="Brexit">Brexit</keyword>, according to a prediction by PwC. </li><li>India is going to move from the seventh position to the fifth position while the UK is going to slip in the list of global economic leaders, expected PwC. </li></ul>India is on track to surpass the UK in the rankings of world’s largest economies, amid Britain’s potential exit from the <keyword id="6355110" type="LOCATION" weightage="20" keywordseo="european-union">European Union</keyword>, according to<a href="https://www.dailymail.co.uk/news/article-6510139/UK-economy-slip-7th-biggest-world-2019-PwC.html"> a recent prediction </a>by Pricewater house Coopers (PwC). "India is the fastest growing large economy in the world, with an enormous population, favourable demographics and high catch-up potential due to low initial GDP per head. It is therefore all but certain to continue to rise in the global GDP league table in the coming decades." According to PwC, the global economy is expected to slow in 2019 as G7 countries return to long-run average growth rates, "The global economy enjoyed a mini-boom between the end of 2016 and early 2018, when growth picked up in most major economies. This phase is now over, and in 2019 we expect the G7 economies to return to growth rates close to their long-run averages," the report said. India is likely to witness an economic growth of 7.6 percent in 2019 whereas UK will settle at 1.6 percent if the country manages to deal with the no-deal Brexit in March. Moreover, India is also going to move up from seventh to the fifth position in the coming years, reported Reuters<a href="https://uk.reuters.com/article/uk-britain-economy-rank-idUKKBN1OI00L"> citing</a> the PwC projections on global economic trends. On the flip side, the UK, which was estimated to be the fifth largest economy in the world in 2018 by the IMF will move down to seventh place in the rankings, behind India and France. The prediction warns about the challenges that Britain is going to face once it steps out of the European Union. However, the government of the UK has assured that it will be a global leader once the make an exit from EU. (With IANS inputs) See also: <a href="https://www.businessinsider.in/the-indian-rupee-just-clocked-its-highest-one-day-gain-since-2013-as-global-oil-prices-plummeted-to-a-yearly-low/articleshow/67158268.cms">The Indian rupee just clocked its highest one-day gain since 2013 as global oil prices plummeted to a yearly low</a> <a href="https://www.businessinsider.in/sri-lankas-parliament-reassembles-with-the-same-prime-minister-but-the-political-crisis-might-not-be-over-just-yet/articleshow/67160971.cms">Sri Lanka’s Parliament reassembles with the same Prime Minister but the political crisis might not be over just yet</a> <a href="https://www.businessinsider.in/latest/from-indian-prime-minister-narendra-modi-to-his-rival-rahul-gandhi-a-look-at-the-top-10-indian-twitter-accounts-that-made-2018-interesting/articleshow/67171978.cms">From Indian Prime Minister Narendra Modi to his rival Rahul Gandhi — A look at the top 10 Indian Twitter accounts that made 2018 interesting</a>

India may become the world's fifth largest economy in 2019: Report

<ul class="summary-list"><li>Senior Brexiteer Steve Baker has told <keyword id="11911533" type="UNKNOWN" weightage="60" keywordseo="boris-johnson" source="Orion">Boris Johnson</keyword> he should resign, saying "the gig is up."</li><li>Highlighting his Christian faith, Baker cited a Bible verse which begins: "The end is now upon you."</li></ul>Boris Johnson has been told to quit by senior Conservative MPs, including one of Parliament's most ardent Brexiteers.On Thursday, MPs are debating whether Johnson should be referred to the House of Commons' privilege committee, which would then determine if he knowingly misled Parliament. Steve Baker, a former Brexit minister and vice-chair of the COVID Recovery Group told the Commons he would be backing Labour's motion, telling the prime minister: "The gig is up." Highlighting his Christian beliefs, the MP said he had felt obliged to forgive, but admitted to feeling "much more Ezekiel 7-3 about this," a reference to a Bible passage that reads: "The end is now upon you, and I will unleash my anger against you."Baker, who had defended Johnson in the Commons on Tuesday, told MPs his mind had been changed after the prime minister's subsequent appearance before the Tory 1922 committee, saying his contrition "only lasted as long as it took to get out of the headmaster's study." Baker added: "For not obeying the letter and the spirit – and I think we have heard that the Prime Minister did know what the letter was – the prime minister now should be long gone."I will certainly vote for this motion but really the prime minister should just know the gig is up." Anthony Mangnall, the MP for Totnes who has also previously submitted a letter, said he forgave Johnson for making mistakes "but I do not forgive him for misleading the House". Confirming he would back the motion, he said only that he was disappointed it would allow for a further delay. William Wragg, chairman of the Public Administration and Constitutional Affairs Committee, also said he would also back the opposition motion, telling MPs: "Much though I may have tried, I cannot reconcile myself to the prime minister's continued leadership of our country and the Conservative Party."The MP confirmed he had submitted a letter of no confidence last December, when he had decided "the prime minister was no longer fit to govern." Wragg, who has previously <a href="https://www.businessinsider.com/johnsons-team-accused-of-intimidating-and-blackmailing-mps-2022-1?r=US&amp;IR=T">accused Johnson's team of intimidating and blackmailing MPs</a>, said colleagues were struggling with the "toxic attitude" caused by his leadership, and being asked to "defend the indefensible."He revealed that he had "questioned my place in this party in recent months" but added: "I am going nowhere."Praising his statement, senior Labour MP and privileges committee chair Chris Bryant – who yesterday recused himself from any probe – stressed the need for colleagues to move on, and focus on Russia and Ukraine.He added: "You need at a moment of national and international crisis, a leader of completely and utterly unimpeachable moral authority. I don't think we have that at the moment. I don't think we have that by a long chalk."Their comments come after former chief whip Mark Harper published his letter of no confidence Tuesday, telling MPs that Johnson "hasn't been straightforward … I'm very sorry to have to say this, but I no longer think he is worthy of the great office that he holds."<h2>Government allows a free vote </h2><div type="image" title="British Prime Minister Boris Johnson" height="1009" width="2018" msid="90984770" hostid="261"></div>Shortly before the debate began the Government withdrew an amendment, which was only <a href="https://twitter.com/CatNeilan/status/1516857778744221699">announced the night before</a>. The amendment would have ensured any MP-led investigation was delayed until after the police investigation and report by senior civil servant Sue Gray has concluded. The three-line whip has also been dropped, meaning it is a free vote and now expected to be "nodded" through. One backbencher said it had been withdrawn because the "party is too grumpy," and due to the prospect of a damaging number of abstentions. However, Johnson received support from several MPs including Sir Bill Cash, Felicity Buchan, Alexander Stafford and Danny Kruger during Thursday's debate.Sir Peter Bottomley, the father of the House, claimed Labour was seeking to use the row to gain an advantage ahead of local elections on May 5. Sources told Insider they anticipated more letters of no confidence to be submitted, raising the prospect that Johnson will face a vote on his leadership once again.Speaking to Sky News on a trip to India, Johnson said the amendment had been ditched because "people were saying it looks like we are trying to stop stuff. I didn't want that. I didn't want people to be able say that. I don't want this thing to endlessly go on. But, I have absolutely nothing, frankly, to hide."Responding to Baker's comments, he added: "I understand people's feelings. I don't think that is the right thing to do."

Senior Brexiteer Steve Baker tells Boris Johnson to resign over partygate saga, saying 'the gig is up'

<ul><li>If and when <keyword id="6355333" type="UNKNOWN" weightage="20" keywordseo="Brexit">Brexit</keyword> ever takes place, the UK’s immediate priority will be to secure quick free trade agreements with a number of select countries. </li><li>India, however, might not be on that list, according to UK’s Foreign Office Minister, <keyword id="371421" type="PERSON" weightage="20" keywordseo="Mark-Field">Mark Field</keyword>. </li><li>Field told the UK Parliament that India wasn’t among the “first-tier” of countries that the UK was looking to sign a post-Brexit trade deal with. </li><li>His reason? The unease of doing business and as a consequence, the time it would take to negotiate an agreement. </li></ul> If and when Brexit ever takes place, the UK’s immediate priority will be to secure quick free trade agreements with a number of select countries like <a href="https://www.thehindubusinessline.com/news/world/india-not-in-uk-first-tier-for-trade-deals/article26583706.ece">Australia and Japan.</a> India, however, might not be on that list, according to media reports citing the UK’s Foreign Office Minister, <a href="https://www.financialexpress.com/economy/india-not-first-tier-country-for-post-brexit-free-trade-agreement-fta-uk-minister/1521882/">Mark Field</a>. Field told the UK Parliament that India wasn’t among the “first-tier” of countries that the UK was looking to sign a post-Brexit trade deal with. His reason? The unease of doing business and as a consequence, the time it would take to negotiate an agreement. Without naming names, Field said that a number of a British companies have run into operational hurdles in India such as trade disputes, some of which have required international arbitration. There could be another reason. Unlike agreements with other countries, the UK’s trade treaty with India will likely <a href="https://www.businessinsider.in/India-in-no-rush-to-sign-a-post-Brexit-trade-deal-and-will-tell-Britain-to-accept-more-migrants/articleshow/63640945.cms">require concessions</a> from the former on the issue of visas and immigration for skilled workers. India has been insistent on the UK lifting barriers to skilled Indian workers. Hence, this will likely prolong trade talks. Nevertheless, Field’s remarks should worry the Modi administration. The Indian government has been appreciated for its business and economic reforms in recent years such as the bankruptcy code and indirect tax regime, leaping 53 places to 77 in the World Bank’s <keyword id="6354423" type="DEFINITION" weightage="20" keywordseo="Ease-of-Doing-Business">Ease of Doing Business</keyword> rankings in the last two years. Clearly, there’s a lot more room for improvement. India’s total trade with the UK last year came in <a href="https://economictimes.indiatimes.com/news/economy/foreign-trade/india-uk-trade-not-to-be-affected-by-brexit-crispin-simon/articleshow/67939442.cms?from=mdr">at around $25 billion</a>, making the UK India’s <a href="https://www.mea.gov.in/Portal/ForeignRelation/Bilateral_Brief_India-UK_January_2019.pdf">15th-largest trading partner</a>, with $13 billion of imports and $12 billion of exports to the UK. In April 2018, the UK’s Prime Minister, <keyword id="368666" type="PERSON" weightage="20" keywordseo="Theresa-May">Theresa May</keyword>, and her Indian counterpart <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> signed <a href="https://www.theguardian.com/world/2018/apr/18/uk-and-india-sign-agreement-laying-ground-for-free-trade-deal-brexit">£1bn ( ₹91 billion) worth of bilateral agreements</a> as a precursor to a free trade treaty. SEE ALSO: <a href="https://www.businessinsider.in/India-in-no-rush-to-sign-a-post-Brexit-trade-deal-and-will-tell-Britain-to-accept-more-migrants/articleshow/63640945.cms">India in no 'rush' to sign a post-Brexit trade deal and will tell Britain to accept more migrants</a> <a href="https://www.businessinsider.in/repercussions-in-the-long-run-brexit-might-not-benefit-india-uk-trade-ties/articleshow/64976352.cms">Repercussions in the long run: Brexit might not benefit India-UK trade ties</a>

Here’s why India might not get a priority trade deal with the UK after Brexit

<ul><li>Indian companies have already seen their profits hit, but now it seems that revenue growth over the near term will also be subdued, according to a report published by S&amp;P Global Ratings. </li><li>This is due to a number of external factors such as volatile oil prices, a botched <keyword id="6355333" type="UNKNOWN" weightage="20" keywordseo="Brexit">Brexit</keyword>, an economic slowdown in China and global trade tensions. </li><li>The assessments of other brokerages are largely in line with S&amp;P. They expect profit growth to stall and downgrades to happen. </li></ul>Indian companies have already seen their profits hit, but now it seems that revenue growth over the near term will also be subdued, as a number of external factors such as volatile oil prices, a botched Brexit, an economic slowdown in China and global trade tensions come to bear. These external factors will have a negative impact on corporate earnings and exports growth in India in the next 12-24 months, according to a report published by S&amp;P Global Ratings titled "Indian Corporate 2019 Outlook--Time For Caution”. The report comes in the wake of <a href="https://economictimes.indiatimes.com/wealth/invest/indian-incs-q3-results-few-companies-pulled-down-earnings-growth/articleshow/68019945.cms">disappointing Q3 results </a>for <keyword id="46431" type="CITY" weightage="20" keywordseo="India-Inc">India Inc</keyword>, especially in the auto, oil &amp; gas, and telecom sectors. Despite a rise in revenues, net profit growth, on a cumulative basis for listed companies, was down as a lack of pricing power put a damper on margins. However, the market may not have fully priced the upcoming risks yet. “While consensus estimates imply a modest single-digit EPS growth for FY19, FY20 growth is estimated to be more than 20%. This is an extremely optimistic assumption and earning downgrades are, therefore, likely to continue through FY20 too,” India Infoline said in a report dated February 18. In the face of global headwinds, and pressure on earnings, Indian companies will likely have to dial down their capital expenditure in order to keep their cash flow positions healthy and debt burdens manageable. However, Indian companies may be able to maintain margins at their current sluggish levels, as opposed to a decline, owing to “low costs, capacity expansion, and benign input prices," said Krishnakumar Somasundaram Vishwanathan, a credit analyst at S&amp;P. Additionally, India Inc is expected to pare down debt within the next few years, not by choice, but out of necessity, as debt levels reach their highest levels in a decade, predicted S&amp;P. And higher debt would mean higher interest cost. This may further erode the growth in earnings before interest, tax, depreciation and amortization (EBITDA), which is an indicator of a company’s profitability minus financing and tax costs. The rise in interest costs has leapfrogged EBITDA growth, as interest expenses now comprise 19.4% of EBITDA, compared to 15.5% a year ago, according to India Infoline. Lastly, one big area of uncertainty will further exacerbate corporate India’s problems: the national elections. A victory by the incumbent BJP administration will signal policy continuity and stability, portending a sustained increase in foreign capital inflows as well as strong stock markets and depressed bond yields. However, a shaky coalition government or a victory by the Opposition could endanger this. SEE ALSO: <a href="https://www.businessinsider.in/indian-corporates-demand-lower-tax-rates-ahead-of-budget-2019/articleshow/67520197.cms">Indian corporates demand lower tax rates ahead of Budget 2019</a> <a href="https://www.businessinsider.in/indias-gdp-growth-projected-at-7-2-in-2018-19-says-government-data/articleshow/67430158.cms">Indian economy to grow slower than earlier government estimates</a>

Indian companies have two tough years ahead — are the markets prepared?

<ul><li><keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> has identified a list of barriers to trade that, do not relate to tariff but, cause an inconvenience for <keyword id="936533" type="PERSON" weightage="20" keywordseo="India-UK-trade">India-UK trade</keyword>. </li><li>India is unlikely to get the concessions it wants because these barriers are imposed by the EU and the <keyword id="6354868" type="COUNTRY" weightage="20" keywordseo="UK">UK</keyword> is considering a "common rule book" with EU which won’t work the same way for India. </li><li>Experts say that the post-Brexit trade policy will be as disadvantageous for the UK as it will be for India and might turn out to be a "real blow" to UK's financial and related professional services sector.</li></ul> The UK government’s latest blueprint for <a href="https://economictimes.indiatimes.com/news/economy/foreign-trade/uks-brexit-strategy-may-hit-plans-for-free-trade-pact-with-india/articleshow/64966544.cms">Brexit </a>might derail plans of a free trade pact with India as the UK might be unable to make the kind of trade concessions that India seeks. And it is so because post <keyword id="6355333" type="UNKNOWN" weightage="20" keywordseo="Brexit">Brexit</keyword>, UK is planning closer ties than “required” with the <keyword id="6355110" type="DEFINITION" weightage="20" keywordseo="european-union">European Union</keyword> (EU). UK Prime Minister, <keyword id="368666" type="PERSON" weightage="20" keywordseo="Theresa-May">Theresa May</keyword>, has also faced a lot of criticism over this decision recently. Post this decision, May’s Brexit minister and foreign secretary resigned in opposition stating that these ties with the EU will make trade deals with other countries more difficult, which might also turn out to be the case for India-UK trade. According to a confidential joint UK-India Trade Review released to ‘Greenpeace Unearthed’, India may not get any post-Brexit trade benefits. India has identified a list of barriers that do not relate to tariff at all but, nevertheless, cause an inconvenience when it comes to trade. The country wants the UK to reconsider these issues in the new Brexit trade deal. These barriers include limits on fungicides in Basmati rice, enforced food hygiene standards for milk and dairy products, and the use of hormone-disrupting chemicals across a range of non-food products. Any such change desired by India is unlikely to occur because these rules are imposed by the EU and the new Brexit plan is considering a "common rule book" for EU and UK applicable for goods. The Trade Review also covered life sciences and information technology. It formed the crux of the new UK-India trade partnership that was announced during PM Modi's visit to the UK in April for the Commonwealth Heads of Government Meeting (CHOGM). The Britain’s exit from EU is scheduled for 29 March of next year, however, the two haven’t decided on how trade relations between them are expected to turn out. Dominic Raab, who is the current Brexit secretary, stressed that UK will strike the right balance between freeing itself up to the market and protecting the existing arrangements with the EU. However, the prospects of changes in the trade policy that might be favourable to India seem bleak. According to experts, the post-Brexit trade policy will be as disadvantageous for the UK as it will be for India. It is also expected to be a "real blow" to UK's financial and related professional services sector and it will also make UK less able to create jobs, generate tax and support growth across the wider economy.

Repercussions in the long run: Brexit might not benefit India-UK trade ties

It’s final. The United Kingdom will ‘LEAVE’ the <keyword id="6355110" type="ORGANIZATION" weightage="100" keywordseo="European-Union">European Union</keyword>. It will no longer be a part of the 28 member European nation’s bloc that constituted the EU. As historic a decision as it is, it will also have a sure shot impact on India as well. This is what will happen now: 
 
Volatility in the Stock Market As a result of huge sell-offs by foreign investors, to hedge their losses in emerging markets. While stock markets in the UK are expected to tumble as much as 20%, in India, post an immediate knee-jerk reaction in the markets given sell-offs, it will largely smooth out. In fact, Sensex opened 780 points down at 26227, while the Nifty was down 247 points at 8022. That said, Indian markets are expected to largely stabilise over a 10-15 day window, given domestic indicators like monsoon and inflation are largely stable and healthy. The Government in India and its other independent regulators protecting its currency are however in full charge of the situation. In a statement released on June 22, the Reserve Bank of India said, “In the run up to the referendum in the United Kingdom on its continuing in the European Union, uncertainty about the poll outcome has resulted in some amount of turbulence in global financial markets, including in India. The RBI is maintaining a close vigil on developments, and will take all necessary steps, including liquidity support, to ensure orderly conditions in financial markets.” There is an impending worry by experts who fear the rupee could fall to Rs68 to a Dollar, now that <keyword id="6355333" type="UNKNOWN" weightage="100" keywordseo="Brexit">Brexit</keyword> is a reality. 
 
Trade 
India will largely benefit from the Brexit. India’s trade with the UK has been significantly rising over the last decade, more so over the last 5 years, whereas it’s trade with the rest of the EU has seen a steady decline, given unclear and confusing regulations along with tariff issues. India will now have greater flexibility to negotiate a bilateral Trade Agreement with the UK that has been languishing mostly given the ambiguous and extremely confusing laws governing the EU. India for the last 8 years now has been trying to strike a Free Trade Agreement with the EU, but again, given the complexity of the laws that require it to keep in mind and safeguard economies of 27 (post Brexit) member nations, it hasn’t seen the light of the day yet. Meanwhile, India’s bilateral trade with the UK stood at $14bn in 2016, with India exporting goods and services worth close to $9bn and imports from the UK counting at just over $5bn. 
 
Indian Companies in the UK 
There are over 800 Indian companies with operations in the UK, employing over a million people. However, the biggest company to get impacted will be Tata Motors, which owns UK’s largest carmaker, JLR. Tata Motors stocks were already down over 12% as soon as trade opened this morning. The others to face the music will be Motherson Sumi which was down over 10% as soon as trade opened. Then there are Pharma companies like Aurobindo Pharma and banks like ICICI and Axis Bank that have significant UK exposures. Most Indian companies in the UK use that country as an exporting base to the rest of the EU and some of their strategies will now have to be relooked into, given how domestic laws in the UK now change with regards exports and imports. 
 
<a href="http://static3.uk.businessinsider.com/image/5639ee4bbd86ef185c8bbfb0/david-cameron-is-letting-his-ministers-campaign-for-a-brexit-if-they-want-to.jpg">Image source</a>

It’s a BREXIT! This is how India gets impacted

<keyword id="46894" type="PERSON" weightage="100" keywordseo="Tata-Sons">Tata Sons</keyword> said that access to markets and skilled workforce would be considered important post <a href="http://www.businessinsider.in/brexit-impact-global-economy/articleshow/52899336.cms">Brexit</a>, adding that that each of its 19 firms having interests in the UK will be going in for a business review. 
 
"There are 19 independent Tata companies in the UK, with diverse businesses. Each company continuously reviews its strategy and operations in the light of developments, and will continue to do so," read a statement from Tata Sons. 
 
"Access to markets and skilled workforce will remain important considerations," the statement added. 
 
Tata Group stocks had a <a href="http://www.businessinsider.in/Bloodbath-in-the-Indian-markets-as-Brexit-causes-panic/articleshow/52895611.cms">hard fall </a>this morning after the Brexit results, <a href="http://www.businessinsider.in/Bloodbath-in-the-Indian-markets-as-Brexit-causes-panic/articleshow/52895611.cms">going down </a>by up to 13%. This could be cited to the Indian conglomerate's huge exposure to UK. 
 
Specifically, Tata Motors stocks fell 12.9%, Tata Steel tanked 10.89%, TCS plummeted 4.81%, Tata Elxsi dipped 9.21%, Tata Global Beverages saw a fall of 7.26%, Tata Chemicals drubbed 5.72% and Tata Communications went down by 5.34%. 
 
Tata Sons has been operational in the UK since 1907, and out of its 19 firms having interests in the region, <a href="http://www.businessinsider.in/Tata-Motors-profits-treble/articleshow/52519229.cms">JLR </a>and <a href="http://www.businessinsider.in/Tata-Steel-UK-sells-its-Europe-Long-Products-business-to-Greybull/articleshow/52536515.cms">Tata Steel </a>are most globally known. 
 
<a href="http://i1.tribune.com.pk/wp-content/uploads/2012/12/485835-cyrusmistryafp-1356679939.jpg">Image source</a>

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