‘Brexit Won’t Impact India’

Toby Latta, CEO, Asia Pacific, Control Risks talks to BW Businessworld’s Ashish Sinha about Brexit and its impact on India.

Excerpts:

Has the Indian corporate world matured enough to acknowledge the need for risk consulting?
The Indian corporate world consists of companies along the full spectrum. There are those with very sophisticated best practice risk frameworks, and then there are those with very little in place at all. However, there is a growing acknowledgement of the need for robust risk advice amongst Indian corporates. We are fortunate to have worked with a number of India’s leading firms and helped them to put in place; these are entrepreneurial, cutting-edge companies which recognise that risk consulting is not a blocker of progress but an enabler of success.

How is Control Risks leveraging its global expertise to serve Indian clients?
We believe Control Risks’ approach honed over the 40 years of our existence is well suited to help companies in India achieve their goals. India is a critical part of our wider Asia Pacific business in Control Risks, and it has been the fastest growing part of our company in recent years. We are investing across service lines, upsizing our Mumbai office and looking at other locations like Bangalore, and our head office in Delhi.

Would Brexit have a substantial impact on the Indian economy in the long run?
Britain is going through a traumatic upheaval currently as the country tries to come to grips with the possible consequences of Brexit, and this massive uncertainty is going to taint its economic prospects for years to come. A number of Indian companies have heavily invested in Britain and others use it as a gateway for investments into the EU, and both these positions may suffer in the medium term. We don’t believe, however, that the long-term health of the Indian economy would be affected by Brexit. The global risks we are following are geopolitical uncertainity, increased conflict in the Middle East, the spread of terrorism, and increasing white collar and other crimes, particularly cyber risks are massively on the increase.

How do you view Indo-US relations in view of PM Modi’s recent visit?
The two countries are seeking to improve what has been sometimes described as an ‘underperforming’ trade and investment relationship. India is keen to take advantage of the US expertise and technology to help boost its domestic defence industry. However, points of contention exist between the two including India’s displeasure over hikes in the US visa fees and the US concerns over India’s tariff restrictions and weak intellectual property protections. India is also sensitive to being too closely identified with, or strategically beholden to, the US.