Personally, I don't think people should pay for other peoples mistakes, even if they happen to be born in the same country.
When any side feels the dominant emotion of 'loss', it makes it do selfish things to avoid future losses. But that extracts more losses from the other side and so the cycle can continue.
In the light of all that history, which current Indians being on the receiving side remember more than the British, any help the British give to India is at least perceived by India in a positive way.
As to the extent of the monetary help - its effect is limited by the ability of the recipient to absorb it. For analogy, YC reduced the investment into each startup down from $150k as it made things worse, not better.