However, it may not be easy for the U.K. to deepen bilateral ties because India has its own economic, political, and other domestic considerations, Nikita Sud, associate professor of development studies at the University of Oxford, wrote in a recent blogpost on the London School of Economics website.
The ease of obtaining visas is an especially big concern for the South Asian country. For years, India was Britain's largest immigrant group—a title it lost in August after statistics showed Poles took first place for the time. But given that anti-immigration sentiment played a key role in the Brexit vote, visa rules for foreign nationals may not improve.
In April, the U.K. said that non-EU workers looking to live in the U.K. for longer than six years would be required to earn at least 35,000 pounds ($43,600) a year—up from 21,000 pounds—barring certain exceptions. And Modi has already warned that the new regulations could have a negative impact on Indians.
"This is a very tricky issue for May to navigate. Being seen as more accommodating of visas to Indians will invite criticism in the U.K. But being seen as intransigent on the matter will not go over well in India," stated Jaishankar.
Moreover, Indian corporates may not be as gung-ho on investing in Britain as they were in the past.
Britain, home to more than 800 major Indian-owned businesses that employ 110,000 people and have a combined turnover of 26 billion pounds ($31 billion), had been an attractive investment destination because it was a launchpad to other E.U. countries, Sud explained.
"Now that the entry point might be restricted, or even closed, Indian-owned companies in the UK will have to rethink their business models. Jaguar Land Rover, for example, has said that it will realign its thinking on U.K. investment, as has steel company Tata."
On the flip-side, many strategists have noted that the falling pound—down more than 15 percent against the greenback this year—could make investments in Britain more appealing for foreign companies.
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