Tory leadership candidate Rishi Sunak is now one of two candidates left in the race to succeed Boris Johnson. PA
Tory leadership candidate Rishi Sunak is now one of two candidates left in the race to succeed Boris Johnson. PA
Tory leadership candidate Rishi Sunak is now one of two candidates left in the race to succeed Boris Johnson. PA
Tory leadership candidate Rishi Sunak is now one of two candidates left in the race to succeed Boris Johnson. PA

Why Indians are backing Rishi Sunak to become UK prime minister


Taniya Dutta
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The prospect of Rishi Sunak becoming the next British prime minister has sparked fervour in India, where some social media users are rooting for him because of his Indian Hindu ancestry.

Some are calling it possible payback for the country's former colonisers.

The 42-year-old former UK chancellor is now one of only two candidates left in the race to succeed Boris Johnson as leader of the Conservative Party.

While he still faces a tough battle with Foreign Secretary Liz Truss, a section of Indians are not just supporting his attempt to become the first British leader of Indian origin, but are also looking at the frontrunner's “historic” potential, given the country's colonial past.

The British ruled over the Indian subcontinent for more than two centuries before it earned independence in 1947 after a long battle for freedom.

Mr Sunak is seen by many in the country as an answer to British rule over the Indians.

The final candidates in the Conservative Party leadership race, former chancellor of the exchequer Rishi Sunak, right, and Foreign Secretary Liz Truss. AP
The final candidates in the Conservative Party leadership race, former chancellor of the exchequer Rishi Sunak, right, and Foreign Secretary Liz Truss. AP

Twitter user Himanshu Rawat wrote on the platform that “it would be a great moment for India" for someone with Indian roots to become prime minister of "the country who enslaved India for decades".

“The potential of Indian-origin genes proves itself many times on different continents. but this time he is going to make history. He can be the first ever United Kingdom prime minister who is not white and whose wife is an Indian citizen,” said Rupesh Jha, another Twitter user.

Indian ancestry

Mr Sunak was born in Southampton in 1980 to Indian parents who had emigrated from East Africa.

Both his grandfathers were born in undivided Punjab province in British India.

His paternal grandfather is believed to have been born in Gujranwala, now in Pakistan, while his maternal roots in the country are not known.

Both families moved to Africa before making a final move to the UK in the 1960s.

His father, Yashvir Sunak, was born and raised in the Colony and Protectorate of Kenya (present-day Kenya) whereas his mother was born in erstwhile Tanganyika, now part of Tanzania.

His father was a doctor with the NHS while his mother ran a small pharmacy.

Even though his paternal ancestral roots are in Pakistan, people in India widely consider him one of their own, a proud Hindu.

Indian parents-in-law

Mr Sunak is married to Akshata Murthy, the heiress daughter of billionaire couple Narayana Murthy and his wife Sudha.

Mr Murthy, an Indian software entrepreneur who is worth $3.2 billion, is often referred to as the “Steve Jobs of India”.

The Murthys co-founded Indian tech giant Infosys, the first Indian company to be listed on a US stock exchange, in 1981, using capital of just $250 and a six-member team.

Rishi Sunak and his wife Akshata Murthy. PA
Rishi Sunak and his wife Akshata Murthy. PA

Mr Murthy is a recipient of Padma Shri — India’s fourth highest civilian award.

Sudha Murthy is a well-known philanthropist who founded the non-profit Infosys Foundation and several orphanages, as well as establishing The Murthy Classical Library of India at Harvard University.

She is a pioneer of women rights and a prolific writer, having written 15 children’s books.

Mrs Murthy is also known for living a simple life, often wearing light-coloured cotton sarees and giving tips to children and parents on living happily.

She is a trailblazer in her own right.

In the 1970s, she was the first female engineer hired by Telco, India’s largest auto manufacturer, even though the job application said: “Ladies need not apply.”

Mr Sunak met his wife Akshata, who is an Indian citizen, while studying in California where the two lived before moving “back home”, according to the legislator's website.

“I'm actually incredibly proud of what my parents-in-law built. My father-in-law came from absolutely nothing, just had a dream,” Mr Sunak recently said on a debate over his wife’s controversial non-domicile tax status.

British PM and Indian ties

If Mr Sunak is elected as the next prime minister, he will become the sixth person of Indian descent to hold the highest position in a country other than India.

He has spoken about being a “proud Hindu”, a narrative that resonates with a wide section of Indians who identify themselves as Hindu nationalists, particularly under Prime Minister Narendra Modi’s right-wing government.

India experienced a similar fervour when Kamala Harris, whose mother is Indian, was elected as the vice president of the US.

“I want Rishi Sunak to become PM of UK. He is Hindu and Indian,” Twitter user Ruchita Maheswari said.

But experts in India are not certain whether a Sunak government would translate into benefits for India.

Manoj Joshi, a political commentator and a fellow at Delhi think tank Observer Research Foundation, said his win will not bring much change in India-UK ties.

“In substance, there will not be much of a change. Both sides will take advantage of this [Indian origin] fact, mainly in practical measures in trade policy negotiating with the British on trade agreement … those will certainly benefit, but I am not sure if Mr Sunak will win,” Mr Joshi told The National.

He also said that the Conservative Party might still want a “white person” to rule the nation.

“The Conservative Party would still like a white person to win," he said. "The poll was narrower among cosmopolitan votes, but we don’t know the rural component, which tends to be more conservative.”

“And even if he wins, we don’t know if he would want to overstake his ethnic connections, whether he would want to play on them or resist them.”

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Updated: July 22, 2022, 6:03 PM