The City of London Corporation has welcomed the maiden budget of the new Indian government, saying that it sends a positive message for international stakeholders for investment in India.
Reacting to the budget, Mark Boleat, Policy Chairman at the City of London Corporation said, “This is a practical and encouraging budget that translates the Prime Minister’s campaign hopes into tangible economic reform”.
“We warmly welcome the news that the government intends to increase the cap on FDI in the insurance market to 49 per cent is a concrete step towards a more dynamic investment market that sends a positive message to international stakeholders who have been frustrated by a lack of progress”, Boleat said.
“The wide range of practical measures pinpointed by the Finance Minister will go a long way to transforming India’s financial markets, if they are successfully implemented”, he said.
“This will bring benefits to domestic market stakeholders and will be welcomed by the international community, including the City of London, which has long since been convinced of India’s potential and wants to see real progress”, he added.
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“Chancellor George Osborne’s visit earlier this week highlighted the key relationship that the UK financial services sector has with the Indian economy and I hope that this budget will bring this potential closer to reality, as the UK and India work more closely together for the mutual
benefit of both countries.”, he said.