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Echoing the words of Prime Minister Narendra Modi, the UK’s Chancellor of the Exchequer, George Osborne said, “ Good days are coming for investment, trade, jobs and prosperity for Britain and India.”
He was speaking in Mumbai, accompanied by a large delegation of ministers and businessmen.
He announced an investment of £20 million by the Mahindra and Mahindra Group to develop electric car technology and said that they would be working towards selling the car next year in Britain.
He also announced an investment of £100 million by pharma major Cipla in UK. The investment of £100 million will fund the launch of a range of drugs in the areas of respiratory, oncology and anti-retroviral medicines as well as research and development, clinical trials and further expansion internationally and in the UK.
Osborne offered Britain’s help in making the rupee a more international currency and said measures would soon be taken to have rupee denominated export finance. Saying that everyone could feel the buzz in the air after the new Government had taken over, Osborne expressed the hope that expectation would now be translated into concrete programmes and offered British assistance for the same.
UK’s Secretary of State for Foreign Affairs William Hague who also addressed the gathering said he had come with the biggest delegation to unleash the vast trade and investment potential between the two countries. Hague said Britain would like to be a partner in the growth story and offered to share their experience of turning around their economy. He mentioned the strong educational links between the two nations, which saw over 1 lakh students from India study in England over the past five years. He also said Britain hoped to work closely on foreign policy issues with the new Government. He pointedly mentioned support for a permanent seat in the United Nations Security Council.
Both ministers are in India to hold talks with the new Government on trade and defence issues. Osborne will also be holding talks with Finance and Defence Minister Arun Jaitley tomorrow.
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