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The signing of a civil nuclear deal, deeper cooperation on clean energy and climate change, the release of a Railway rupee bond, and the conversion of London into a centre for rupee-denominated Masala Bonds are among an estimated £9-billion worth of deals to be concluded during Prime Minister Narendra Modi’s three-day visit to the UK.
Following bilateral talks at 10 Downing Street with British Prime Minister David Cameron, on Thursday soon after Modi touched down in London, the leaders spoke of their firm intention to take the “bold and ambitious” vision of the strategic partnership to the next level.
Discussions encompassed British involvement in the development of digital cities, and roads, and developing London into a finance centre for the offshore trading of rupee-denominated bonds, as well as cooperation on low carbon, low-cost energy.
“We have very big ambitions for the relationship between the two countries, a central partnership defined and fuelled by the modern and diverse countries we are today,” Cameron said during the meeting.
The relationship with Britain was of “immense importance,” to India, Modi said. “We have decided and agreed to hold regular bilateral summits,” he added. The civil nuclear agreement signed on Thursday was a sign of mutual trust between the two countries.
He also welcomed Britain’s vocal support for making India a permanent member of the UN Security Council. He appreciated the greater cooperation in the areas of finance and business, including the revival of the UK-India CEO Forum.
“We are looking to increasingly raise funds in London’s financial market… we are pleased that we will issue Railway rupee bonds. This is where the journey of Indian Railways begin.” Modi added that India looked forward to greater cooperation across areas from smart cities, skills and education, to technology research, and security.
Asked about concerns over growing intolerance in India, Modi said that India was a vibrant democracy, which protected “the values of every citizen in accordance with the Constitution. We are committed to that.” He added: “Every incident is a serious incident for us. We do not tolerate such incidents of violence at all.”
Read also: Modi arrives in UK to bouquets, brickbats
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