Well given that a lot of the Industrial Revolution came at the expense of forceful colonisation, I would say this subsidy would be a great way to structure reparations to India from the UK. [..Ducks lower..]
I would have no problem with that whatsoever and gladly pay even more taxes - if I didn't know that all I would pay for is corruption. People spending money have to be accountable - and that using an actually working system, not just on paper - to those who pay. Foreign tax payers are in the worst position possible, because not even their own government would care much and hide behind "higher level policy and diplomacy" before risking trouble. "You vote for me in the UN and I'll overlook your corruption" - every day in "realpolitik".