India, British gear up for boosting financial, infra ties

British Infrastructure Envoy Alok Sharma's visit to India to focus on how the city of London can develop as a trading hub for the rupee and the potential for cooperation on green financing that can help to fund India's renewable energy and clean transport plans The Dollar Business Bureau

Plans to launch a flagship rupee-denominated bond in London by the Indian Railway Finance Corporation is high on agenda

Both countries agreed to explore ways to encourage increased investment in infrastructure with the aim of developing an India-UK partnership fund under the umbrella of India's flagship infrastructure investment initiative

British Premier David Cameron's Infrastructure Envoy to India Alok Sharma’s visit, is intended to boost the economic and financial ties between the two countries and to raise joint funds for infrastructure investment. “Both countries agreed to explore ways to encourage increased investment in infrastructure with the aim of developing an India-UK partnership fund under the umbrella of India's flagship infrastructure investment initiative, National Investment and Infrastructure Fund (NIIF) in the meeting between Chancellor of the Exchequer, George Osborne, and Finance Minister Arun Jaitley in London last month,” the report detailed. According to Alok Sharma, “Plans to launch a flagship rupee-denominated bond in London by the Indian Railway Finance Corporation was a key announcement by Prime Minister Narendra Modi during his recent visit to the UK and a strong endorsement of the UK's position as a leading international financial sector”. “The Indian government has a hugely ambitious programme of infrastructure projects and I look forward to working closely with colleagues in both governments to ensure that we develop rupee-linked debt markets and build closer ties between the UK and Indian capital markets," he said. Harriett Baldwin, Economic Secretary to the UK Treasury and Alok Sharma will hold talks with their Indian counterparts and the RBI governor to actively bring about listing of rupee bonds in London. In addition there are likely to be discussions on - developing London as a trading place for the rupee and the potential cooperation to finance India’s renewable energy and clean transportation plans. The British leaders are likely to have these discussions with the Railways Minister Suresh Prabhu, Minister of State for Finance Jayant Sinha, RBI Governor Raghuram Rajan and SBI Chairman Arundhati Bhattacharya, among other senior leaders.

February 17, 2016| 12:54 pm IST.

Related Topics:

The Dollar Business Bureau - Feb 17, 2016 07:20 IST

India, British gear up for boosting financial, infra ties

We like you just the way you are.