Britain’s two top ministers — Chancellor of Exchequer George Osborne and Foreign Secretary William Hague — on Monday kicked off their two-day India visit with focus on strengthening further diplomatic ties and developing partnership on economic reforms, especially on infrastructure investment and financial services.
Announcing a host of investment plans here, Osborne hinted that the UK was ready to help India in developing the Bangalore-Mumbai Economic Corridor and a rupee-denominated export finance deal is in the offing.
“I know Prime Minister (Narendra) Modi is determined to repeat the success he has had in financing new infrastructure in Gujarat across the whole of India. Britain stands ready to help him, for we are at the centre of global finance and the home of financial expertise. We want to work with you in developing new bond markets here and new financial services here,” Osborne said at a meeting with business leaders in Mumbai.
“‘Good days are coming’ for the trade and investment between the two nations,” he said. “And tomorrow I will set out our ambitious plans to encourage more of this British investment and expertise in Indian infrastructure with a completely new and innovative use of our export finance on a major scale, to support crucial Indian infrastructure projects such as the Bangalore-Mumbai Economic Corridor,” Osborne said. He also met RBI Governor Raghuram Rajan.
UK Foreign Secretary Hague said, “We want to be a leading partner as Prime Minister Modi presses ahead with his plans for development and growth benefitting all Indians.”