Chancellor strengthens economic relationship between UK and India

Following on from the eighth UK-India Economic and Financial Dialogue (EFD), Chancellor George Osborne and Indian Finance Minister Arun Jaitley have reached a number of agreements to build towards a stronger economy between the two countries.

The agreements reached in London include:

• Indian National Infrastructure Partnership - the UK government support the delivery of major infrastructure projects in India across key sector.
• Liberalising the Indian Legal Services Market - India will liberalise the Indian legal services market to allow foreign lawyers the right to operate in India.
• Increase Fintech communities in India and Britain - Both nations agreed to substantially strengthen links between the leading FinTech communities in India and Britain.
• FirstGroup to provide shuttle busses at Indian IT park - Transport operator in the UK and North America, is to operate employee shuttle buses at the Hinjewadi IT Park in Pune, India.
• The Tintometer commits to £1m investment in India - The UK supplier of water analysis equipment will set up a factory and sales service operation in Hyderabad enhancing the production of instruments and chemical reagents for high quality water testing products in India.
• Pell Frischmann win consulting contracts in Mumbai - The London-based consulting engineering firm Pell Frischmann has announced winning three major contracts in the Mumbai region.
• DelAgua sign £700k water testing deal in West Bengal - Diabetacare has procured a partnership project for Diabetes Services in King George’s Medical College, Lucknow.
• FinTech accelerator ‘startupbootcamp’ to set-up in Mumbai - Startupbootcamp FinTech, the UK-based accelerator focusing on financial services innovation, will soon launch a branch in Mumbai.
• Darktrace open up in Mumbai - Cambridge head-quartered security firm Darktrace’s ‘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.
• BRC Global Standards to expand into India - BRC Global Standards, a food safety and quality certification programme, is launching an expansion in India in 2016.

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.”

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