Close X
Monday, November 11, 2024
ADVT 
India

'Good days coming for British-Indian ties'

Darpan News Desk IANS, 07 Jul, 2014 11:57 AM
    British Chancellor of the Exchequer George Osborne Monday said it was exciting to visit India when the excitement about the Indian economy and the optimism about the prospects for future growth are palpable.
     
    "I have been here for a day and already I can feel the buzz in the air... Good days are coming," Osborne remarked at a meeting of top industrialists and business captains here.
     
    He attributed the excitement and complete turn-around in sentiment about the Indian economy to the ambition, drive and pace of the new government headed by Prime Minister Narendra Modi, achieved in just seven weeks after its stunning election victory.
     
    "To adopt a phrase from PM Modi: Good days are coming for the India-Britain relationship, for the investment we make in each other's economies, for the trade between our two trading nations, for the financial partnership we can forge to build, literally, the infrastructure of the future," Osborne said.
     
    He added that this was partly because the British-Indian community has already made a huge contribution to Britain and its national wealth and were now at the vanguard of the growing economic partnership between the two countries.
     
    "I look forward to meeting (Finance Minister) Arun Jaitley and the prime minister and I have just come meeting your impressive (RBI) Governor (Raghuram) Rajan. I have every confidence that Jaitley and the whole government will meet those expectations and succeed," Osborne said.
     
    He pointed out that Britain has increased exports to India by 50 percent and increased imports from India by one-third, British companies are now some of the biggest foreign investors in India and Indian companies invest more in Britain that in the rest of the European Union put together.
     
    Yet, a lot more needs to be done in the field of expanding exports to India, increasing investments and rebalancing British economy with tough decisions and making the things and providing services that the rest of the world wants to buy, he said.
     
    Osborne pointed out that since David Cameron came to India eight years ago to the decision to make India his first big foreign visit as prime minister in 2010, to the (current) first-ever joint visit by a British foreign secretary (William Hague) and chancellor to meet the new Indian government just weeks after coming office, "we have put a stronger relationship between Britain and India at the heart of our foreign and economic policies".
     
    While Modi is seeking more investments in India's economy, Osborne declared he wanted British companies to provide it and the British government to support it.
     
    He listed the JCB opening two plants in Jaipur, Diageo drinks company investing one billion pounds this month in India, British petroleum making one of the largest foreign investments in Indian history in the energy sector, the recent 250 million pounds deal to supply British defence equipment to the Indian Air Force, among other things.
     
    The two minsters would also visit the British expertise used in building the new ATC tower at Delhi Airport and would chart out plans of more British investments to support projects like the Bangalore-Mumbai Economic Corridor.
     
    Inviting Indian investments in Britain, Osborne said Tata Group already has a huge successful presence in the UK and now, the Indian automobiles giant, Mahindra & Mahindra would join soon.
     
    Osborne visited the M&M plant in the north-west suburb of Kandivali Monday morning along with other delegation members as M&M plans to invest 20 million pounds in developing the latest electrical car technology in Britain.
     
    "Mahindra's first electric car is expected to go on sale in Britain next year. Britain wants to be at the centre of the technological revolution in electric cars… India wants its companies to lead that revolution," he said.
     
    Referring to investments in the pharma sector, he said that while Britains GlaxoSmithKline is a big investor in India, now, India's Cipla will invest 100 million pounds in R&D for new respiratory and oncology drugs, and intiretroviral medicines.
     
    Osborne also announced Standard Chartered Bank's 100th branch opening in India this week, making it the bank's biggest overseas presence here and expressed desire to help the Indian rupee become a great international currency.

    MORE India ARTICLES

    Rajnath Singh: The thakur from UP has been there, done that

    Rajnath Singh: The thakur from UP has been there, done that
    Almost a decade back after the BJP lost power in Uttar Pradesh under his stewardship, Rajnath Singh cut a lonely figure at his current Ashoka Road residence in the national capital.

    Rajnath Singh: The thakur from UP has been there, done that

    'Dynasty' crumbles in young India's loud yearning for change

    'Dynasty' crumbles in young India's loud yearning for change
    Fifty years after the death of India's first prime minister Jawaharlal Nehru, the Nehru-Gandhi dynasty, which had been instrumental in shaping most of modern India's socio-economic and political fortunes and had commanded unswerving loyalty from the electorate in the past, is seemingly no longer the "natural choice" for the country's young population.

    'Dynasty' crumbles in young India's loud yearning for change

    Manmohan Singh moves to 3, Motilal Nehru Marg

    Manmohan Singh moves to 3, Motilal Nehru Marg
    Former prime minister Manmohan Singh shifted to his new residence - 3 Motilal Nehru Marg - after attending the oath taking ceremony of his successor Narendra Modi at Rashtrapati Bhavan Monday evening.

    Manmohan Singh moves to 3, Motilal Nehru Marg

    AAP congratulates Modi

    AAP congratulates Modi
    The Aam Aadmi Party Monday congratulated Narendra Modi on becoming India's 14th prime minister and asked him to live up to people's expectations.

    AAP congratulates Modi

    Narendra Modi sworn in as 15th Prime Minister, promises 'strong and inclusive India'

    Narendra Modi sworn in as 15th Prime Minister, promises 'strong and inclusive India'
    With the setting sun forming a magnificent backdrop, India got a new prime minister Monday as Narendrabhai Damodardas Modi, 63, took oath Monday in a 90-minute, open-air, business-like ceremony in the forecourt of Rashtrapati Bhavan, the presidential palace, attended by leaders of eight neighbouring countries.

    Narendra Modi sworn in as 15th Prime Minister, promises 'strong and inclusive India'

    Nawaz Sharif's India visit: Sand artist creates image on peace

    Nawaz Sharif's India visit: Sand artist creates image on peace
    Sand artist Sudarsan Pattnaik Sunday created a sand sculpture on peace in Odisha ahead of Pakistani Prime Minister Nawaz Sharif's visit to India.

    Nawaz Sharif's India visit: Sand artist creates image on peace