India, UK to sign over 1-billion-pound biz deals during Theresa May visit

Describing her talks with Prime Minister Narendra Modi as"good and productive", May said as leaders, they both were working to improve the livelihoods of their citizens.

By: PTI | New Delhi | Updated: November 7, 2016 7:06 pm
Theresa May, modi, narendra modi, Theresa May narendra modi, Theresa May modi, india uk, india uk business, business news india news Talking about Modi’s vision of smart cities, May said they have agreed on a new partnership that will bring together government, investors and experts to work together. (Source: File)

India and the UK will ink more than GBP 1 billion (Rs 83,00 crore) of business deals during the three-day visit of British Prime Minister Theresa May, who is here on her first bilateral outside Europe since assuming office in July. Describing her talks with Prime Minister Narendra Modi as”good and productive”, May said as leaders, they both were working to improve the livelihoods of their citizens – creating jobs, developing skills, investing in infrastructure and supporting the technologies of the future.

WATCH VIDEO: Find Out What PM Narendra Modi & British Prime Minister Theresa May Discussed

Talking about Modi’s vision of smart cities, May said they have agreed on a new partnership that will bring together government, investors and experts to work together on urban development, unlocking opportunities worth GBP 2 billion for British businesses over the next five years. This will focus on the dynamic state of Madhya Pradesh – with plans for more smart cities than anywhere else – and the historic city of Varanasi.

Take the capital that is required for India’s infrastructure – since the launch of the first masala bond in London in July, rupee-denominated bonds worth over GBP 900 million have now been issued, the British PM said. “And we expect a further 4 bonds with a total value of GBP 600 million to be issued in the next 3 months. This is a vote of confidence in India’s growth story. And it’s a vote of confidence in London as the world’s leading financial centre.

“Alongside this, the UK has agreed to invest GBP 120 million in a joint fund that will lever private sector investment from the City of London to finance Indian infrastructure. “So, the potential to expand the commercial opportunities for both our countries is huge. On this visit alone, more than GBP 1 billion of business deals will be signed.”

Noting that both India and the UK were firm supporters of free trade who want to be great exporting nations, May said they need to work together, for the long haul, to break down the barriers to trade and investment. “We will achieve this through the strong bonds that exist between our people, through British and Indian businesses working together, but most of all we will accomplish this because Prime Minister Modi and I are personally committed to investing in this relationship and turning this vision into a reality. I look forward to establishing a unique friendship and working together for the benefit of both our countries,” she said.

The UK and India have agreed on a new programme of cooperation to strengthen the protection and enforcement of intellectual property rights, which provides greater certainty for business, May said, adding and the UK will share technical expertise on issues such as deregulation and tax to help make India an easier place to do business.

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  1. N
    NewSlavery
    Nov 8, 2016 at 12:42 am
    Apart from implementation capability and rare mantle to stick to moral values, Modi lacks inclusive thinking. He is letting huge businesses to spread like carpets of development under the feet of Indian citizens. All these carpets can be pulled off and citizens can come to knees anytime. Smart city is such a disguise concept sold externally, to market a range of new products who's valuations cannot be fixed and has no performance guarantee. Smart cities is the concept sold to @mbiti0us f00ls of developing world to recover the cost of huge RnD of products which add little value to solutions of the problems already designed to occur in smart cities plans.
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    1. N
      NewSlavery
      Nov 8, 2016 at 12:52 am
      "greater certainty in business" . . . so now Indians can expect manition in regulations, sudden changes to curb internal compeion to outside firms and inaction in any improvement in labor laws. May just wants Indians to improve the value of pound or at least sustain it. India does not need radically new infrastructure or new smart cities; and foreign investment will never spend in making the existing cities smarter and improving existing infrastructure.
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      1. S
        Simple Diagnostics
        Nov 7, 2016 at 5:01 pm
        Looks like Modi is buying diplomacy around the world by awarding huge business deals. lt;br/gt;Is it really good for India?
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