“BREXIT”, EUROPEAN UNION (EU) & THEIR IMPACT ON INDIAN MARKETS

Authors

  • Debayan Nandi Head, Department of Business Administration SILIGURI INSTITUTE OF TECHNOLOGY (A unit of Techno India Group) P.O. Sukna. Siliguri Dist Darjeeling. Pin 734009 W.B.

Keywords:

European Union (EU), Brexit, Indian Economy

Abstract

28 member states of Europe formed the politico-economic amalgamation called the European Union (EU). It covers an area of 4,324,782 km2 (1,669,808 sq mi), and approximately the estimated population under EU is over 508 million. Under EU an internal single market has been developed through a standardized system of laws which is applicable to all member states. The policies of EU are to make certain free movement of people, goods, technology transfer, capital and services inside the single internal market, enforce legislation in integrity and home affairs, frame and maintain common trade practices and policies, build unanimous agricultural practices etc for overall regional development. Within the boundary of Schengen area, the control of passport controls has been withdrawn. In 1999 a monetary union was established which came into action in 2002, comprising of nineteen EU member states which exercise the common currency Euro (€).

Brexit”, a portmanteau of the words “Britain” and “exit,” it is the nickname for a British exit of the European Union after the June 23, 2016 referendum i.e. 51.9% of the British population voted to leave the union. Pro-Brexit activists have outlined parting the European Union as indispensable to shield or perhaps reinstate, the distinctiveness of UK: its ethnicity, sovereignty and position in the world. This conceptual paper aimed at identification of probable pros and cons of Brexit on Indian economy and markets overall based on some noticeable observations in recent past.

References

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Grant Thornton, <‘What if the UK Leaves the EU – The Business Impact,’ FDIntelligence, March 21, 2013<http://www.grant-thornton.co.uk/en/Thinking/FD-Intelligence/Issues/What-if-the-UK-leaves-the-EU–the-business-impact/>

Financial Times ‘JP Morgan Raises Alarm Over Rising Euroscepticism in Britain,’ January 22, 2014, <http://www.ft.com/cms/s/0/98af3bb8-8392-11e3-aa65-00144feab7de.html#axzz3ey6NjyxQ>

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UK Trade and Investment, “UKTI Inward Investment Report 2014 to 2015”, UKTI/15/43, June 17, 2015 <https://www.gov.uk/government/publications/ukti-inward-investment-report-2014-to-2015/ukti-inward-investment-report-2014-to-2015-online-viewing> and UK Trade and Investment, “UKTI Inward Investment Report 2013 to 2014”, URN14/125, June 18, 2015 <https://www.gov.uk/government/publications/ukti-inward-investment-report-2013-2014/ukti-inward-investment-report-2013-2014–2>

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Additional Files

Published

15-07-2016

How to Cite

Debayan Nandi. (2016). “BREXIT”, EUROPEAN UNION (EU) & THEIR IMPACT ON INDIAN MARKETS. International Education and Research Journal (IERJ), 2(7). Retrieved from https://ierj.in/journal/index.php/ierj/article/view/336