Delhi's latest political theatre has London's luxury boutiques barely batting an eyelid. Narendra Modi, in a typically dramatic address, urged Indians to curb their gold purchases and foreign holidays to shore up the national economy. It's a play straight from the populist handbook: rally the base, deflect from domestic woes.
But here's the Westminster view. The UK's luxury sector, buoyed by oligarch cash and Middle Eastern petro-dollars, is far less dependent on Indian discretionary spending than the headlines suggest. Savvy traders on Bond Street have been diversifying their clientele for years. The real money? It's in Chinese bijouterie and American tech fortunes.
City analysts are whispering that a short-term dip in Indian tourist visas might hit a few Mayfair tailors. But the overall picture is one of insulation. Brexiteers will seize on this as proof of Global Britain's resilience. Labour will counter that it exposes the government's reliance on plutocrats.
Downing Street is keeping shtum, but I hear the trade department is quietly pleased. They see an opportunity to steer Indian diplomacy away from tariff tantrums. The real game? It's about positioning UK firms as the safe haven for emerging market tensions.
Expect a slew of op-eds tomorrow praising the 'special relationship' while conveniently ignoring the inequality gap this luxury trade perpetuates. Politics as usual in the gilded halls of London.
