BREXIT and its impact on India

British Exit from the European Union (BREXIT) refers to the complex procedure by which the United Kingdom (UK) will end its membership in the European Union (EU). This decision was made after a crucial referendum in June 2016 in which 51.9% of voters chose to leave. In March 2017, the British government publicly announced its intention to leave from the European Union, setting in motion a two-year course of action that was initially scheduled to culminate in the UK's exit from the EU on March 29, 2019. The original date of 29 March 2019 was twice extended due to the UK parliament's rejection of the negotiated departure deal; the new deadline is 31 October 2019.

The Paris Treaty of 1951, which established the European Coal and Steel Community, is often regarded as the genesis of the European Union. The succeeding Messina Conference in 1955, celebrating the ECSC's successes, paved the way for the community to grow. The European Economic Community (EEC) and the European Atomic Energy Community (EURATOM) were established as a result of this movement in the Treaties of Rome in 1957. In 1967, these groups formally merged to form what is today known as the European Union (EU). The United Kingdom's membership in the European Community (EC) dates back to 1973; on November 1, 1993, the EC formally evolved into the European Union, a date that marked a watershed moment in the formation of the European Monetary Union.

However, Britain's path to full membership in the EC and EU has not been without its share of challenges. Its original 1973 accession to the European Community was approved by a referendum held in England in 1975. The political left in the United Kingdom supported the idea of leaving the European Community in the 1970s and 1980s. It was the Euroskeptic wing of the Conservative Party that led the charge in the 1990s against the European Union-creating Maastricht Treaty of 1992. The pressure from this group ultimately prompted then-Prime Minister David Cameron of the Conservative Party to promise a vote on whether or not to remain an EU member. On June 23, 2016, a referendum was held in Britain, with 52% of the population opting to leave the European Union, an event often referred to as BREXIT. On March 29, 2017, the British Parliament, led by Conservative Prime Minister Theresa May, formally triggered the departure process by invoking Article 50 of the Treaty on European Union.

The purpose of this study is to investigate the factors that led to Britain's decision to leave the European Union. It looks at the pros and cons of this revolutionary change and analyses its probable worldwide effects, focusing in particular on India.