The Chancellor George Osborne and Indian Finance Minister Arun Jaitley have today reached a number of agreements to build on the economic relationship between the UK and India – focussing on financial services, infrastructure and technology.
The agreements, made at the eighth UK-India Economic and Financial Dialogue (EFD) in London, represent the shared ambition to strengthen mutual cooperation and further boost trade and investment between the two nations.
Speaking following the EFD, Chancellor of the Exchequer George Osborne said:
The agreements we’ve made today are another important step in deepening economic ties between Britain and India.
Working together across infrastructure and financial services we will be able to solve key shared challenges which will help us create growth in both of our economies.
I want to thank Arun and his team for travelling to London and for making today’s talks a success, as we bring our two great economies closer together
Agreements reached during the EFD include:
Indian National Infrastructure Partnership
The agreement will see the UK government support the delivery of major infrastructure projects in India across key sectors including smart cities, renewable energy and railways, all of which are vital for India’s future growth.
This initiative will support India’s development and may also present significant new commercial opportunities for UK businesses offering expertise in infrastructure delivery and financial & professional services.
Liberalising the Indian Legal Services Market
India will press ahead with liberalising the Indian legal services market to allow foreign lawyers the right to operate in India.
This will act as a catalyst for international investment in India and give businesses the access they need to international legal advice. It will also bring new opportunities for the UK profession, who will benefit from being offered similar rights to those that Indian firms already enjoy in the UK, allowing them to enter partnerships with Indian firms and bring their specialist expertise to India.
Rupee Bond Commitments
Both sides welcomed the prospect of a pipeline of rupee bond issuances in London by Indian corporates, and agreed that the first such public sector issuance would be by the Indian Railway Finance Corporation.
This will help build on the success of rupee bond issuances in London by the International Finance Corporation, and demonstrates the UK’s position as a business partner of choice for the world’s fastest growing economies.
As the rupee markets build, London’s capital markets will play a key role in financing India’s continued rapid economic growth.
Both nations agreed to substantially strengthen links between the leading FinTech communities in India and Britain. This includes significant joint commitments to high-profile FinTech trade missions between the two nations and major steps towards UK FinTech companies helping to deliver ‘digital India’, covering priority areas like access to finance for micro-enterprises.
FirstGroup to provide shuttle busses at Indian IT park
FirstGroup, the leading Transport operator in the UK and North America, is to operate employee shuttle buses at the Hinjewadi IT Park in Pune, India.
The five year contract will commence in April 2016 initially at Hinjewadi and is expected to expand across the country.
The Group will use its shuttle bus expertise from existing First Transit operations in North America and is working with local partner, bus manufacturer Tata, who will maintain the vehicles.
The Tintometer commits to £1m investment in India
Lovibond Tintometer - a leading UK supplier of water analysis equipment based in Wiltshire - has committed to setting up a factory and sales service operation in Hyderabad with the aim of enhancing the production of instruments and chemical reagents to meet the rapidly growing demand for high quality water testing products in India. Tintometer will be investing over £1 million in this project over the first three years.
Pell Frischmann win consulting contracts in Mumbai
London based consulting engineering firm Pell Frischmann has announced winning three major contracts in the Mumbai region. The contracts have been awarded by the Municipal Corporation of Greater Mumbai (MCGM) and will see Pell Frischmann evaluating the detailed project report and bid process management of the 33 km Mumbai Coastal Road project, alongside two contracts for major Waste Water Treatment Works located in Mumbai suburbs.
Dryden Aqua to install 5,000 drinking water systems in rural communities in £500,000 deal
Edinburgh based Dryden Aqua, a marine biological company specializing in water quality and treatment technology, has secured a contract to install their product in 5,000 rural community drinking water systems in India during 2016.
The current project is valued at £500,000 for this year, with the technology improving the availability of clean drinking water in these communities.
FinTech accelerator ‘startupbootcamp’ to set-up in Mumbai
Recognising the development of the Fintech sector in India, Startupbootcamp FinTech, the leading UK based accelerator focusing on financial services innovation, will soon launch a branch in Mumbai.
This new branch will enable the growth of the overall FinTech ecosystem in India and foster the next generation of innovative startups in this exciting region.
Diabetacare agrees £500,000 partnership with King George’s Medical University in Lucknow
Diabetacare has procured a partnership project for Diabetes Services in King George’s Medical College, Lucknow - India’s largest Hospital with over 3600 inpatient beds.
The contract will see Diabetacare invest approximately £500,000 over a two year period, with nurses being trained to become specialist nurses in diabetes - directly supporting Prime Minister Modi’s National Skills Development Mission.
DelAgua sign £700,000 water testing deal in West Bengal
UK based water testing company Del Agua has won a £700,000 contract from the Government of West Bengal to run a water testing programme for the entire state for 1 year.
This project will help safeguard the local population from various water contaminants such as arsenic and fluoride.
CDE Global and Bhartia Family win £1 million processing plant contract
A joint venture between CDE Global – a leading supplier of washing equipment for quarries and mines - and its Indian partner Bhartia Family, has won a contract worth £1 million to design, engineer and install a processing plant for the waste from construction and demolition.
This green technology will be used to convert waste into high quality high value materials.
Templar Executives Ltd agree security training partnership
UK based Templar Executives Ltd have partnered with Cyber Security Integrators (India) Pvt Ltd. to provide online and specialised Cyber security training and advisory services to Indian corporations and government agencies.
It is seen as in one of the first ‘Cyber Value Exchange’ initiatives between UK and India.
Darktrace open up in Mumbai
Cambridge head-quartered security firm Darktrace is announcing that its award-wining ‘Enterprise Immune System’ technology will become more easily available to the Indian market as it opens an office in Mumbai.
Apollo Hospitals to partner with Health Education England
Apollo Hospitals, India and Asia’s largest healthcare group, have signed a memorandum of understanding with Health Education England (HEE) to promote co-operation and interaction in healthcare education between India and the UK.
The partnership will aim to deliver the highest possible quality of care to the patients in UK, India and the region, while enhancing the quality of education and exposure to students.
BRC Global Standards to expand into India
BRC Global Standards - a leading food safety and quality certification programme - is launching an expansion in India in 2016.
To capitalise on India as one of the fastest growing countries for their market, the firm is looking to appoint a local representative and opening an office in India.