(Image source from: Dynamic Deals Worth Nine Billion Pounds Between India)
India and the UK have announced deals valued 9-billion pounds under a civil nuclear pact, besides deciding to collaborate in defence and cyber security fields. The companies also launched a railway rupee bond.
The relationship between both the sides was described by British Prime Minister David Cameron as a "new dynamic modern partnership" besides reiterating UK's support for the permanent membership of India in the UN Security Council.
At a joint press conference with Prime Minister Narendra Modi, Cameron said, "During this visit British and Indian companies are announcing new collaborations together worth 9 billion pounds.”
"We want to become the number one partners to finance the immense economic vision Prime Minister Modi and make London the centre for off-shore rupee trading with the launch of 1-billion worth of bonds including the first government- backed rupee denominated bond," Mr Cameron added.
Plans were announced by Modi to use London as a financial base for fundraising for India. He also announced the plans to launch a new fast track mechanism for UK investments in India.
"We are going to use the London market for fundraising even more and I am happy to announced that we are set to launch a railway rupee bond in London. It is appropriate as the journey of Indian Railways started in the UK," said PM Modi said.
Also read: PM Modi Leaves For Three Day UK Visit
The 48-member F Company Scots guard, accompanied by the regimental band of Irish guards, has accorded the guard of honor to the Indian Prime Minister Modi. Modi was received by Mr Cameron who came out from his 10 Downing Street. Then the two leaders headed to the world's most famous political office for a dialogue that was nearly 90-minute long. Senior ministers like foreign secretary Philip Hammond, business minister Sajid Javid and employment minister Priti Patel also accompanied them. Delegates present from Indian side were the High Commissioner to the UK Ranjan Mathai, National Security Advisor Ajit Doval, and foreign secretary S Jaishankar.
"The conclusion of the civil nuclear agreement is a symbol of our mutual trust and our resolve to combat climate change. The agreement for cooperation in India's Global Centre for Clean Energy Partnerships will strengthen safety and security in the global nuclear industry," Modi said.
-Sumana
