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Prime Minister Narendra Modi mounted a spirited defence of his government’s agenda, and reforms brought in since taking power. Speaking to a packed hall of business people and financiers gathered at the Guildhall in the heart of the City of London on Thursday evening -- where much of the progress in the relationship between the two countries, is hoped will take place - he said that the government had already created the necessary conditions for the “take-off” of the Indian economy, highlighting changes ranging from changes to the tax regime, to transparent auction and allocation systems for natural resources.
“Never before, India was so well prepared to absorb talent, technology and investment from outside. I can assure you that it will get better and better in the coming days. We will be open to welcome your ideas, innovations and enterprises,” he said, in the speech attended by British Prime Minister David Cameron, and the Lord Mayor the City of London Alan Yarrow. He added that the government remained open to making the necessary corrections to policies and procedures in the future.
CEO Forum
On Friday morning, the two leaders attended the CEO Forum, a joint meeting of business leaders from the UK and India, chaired by Tata’s Cyrus Mistry, and Sir Gerry Grimstone, chairman of Standard Life. Delegates on the Indian side include Sunil Bharti Mittal, the chair of Bharti Enterprises Ltd, TK Kurien of Wipro, Tulsi Tanti of Suzlon Energy, and Atul Punj of Panj Lloyd. On the UK side they include Sir Martin Sorrell of WPP, Lord Ajay Kakkar of UCL Partners, Sir John Peace, Chair of Standard Chartered. Vittorio Colao CEO of Vodafone, Warren East, CEO of Rolls Royce, Douglas Flint Chair of HSBC, and Ian King CEO of BAE Systems
Bilateral talks
Modi and Cameron held bilateral talks on Thursday, issuing a joint “vision statement” setting out broad principles for future cooperation on areas such as defence and security to tackle cyber crime, terrorism and maritime security, climate change, the Smart Cities initiative in India, skill development in both countries, and on research, technology and innovation. Britain has also reaffirmed its commitment to supporting India’s efforts to become a permanent member of the UN Security Council. Regular bilateral summits are also planned. Around 9 billion pounds of private sector deals were announced during the course of the visit, while the government announced its intention to issue the first government-backed Rupee denominated bond in London, to support development of railway infrastructure.
The leaders also highlighted the signing of a civil nuclear partnership agreement, details of which are yet to emerge.
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