Modi in UK: India, UK strike £9 billion deals

London: India and the UK on Thursday announced deals worth £9-billion (Rs 90,000cr) as they signed a civil nuclear pact and decided to collaborate in the field of defence and cyber security besides launching a railway rupee bond here.

British Prime Minister David Cameron described the relations between the two sides as a “new dynamic modern partnership” and reiterated his country’s support for India’s permanent membership of the UN Security Council.

“During this visit British and Indian companies are announcing new collaborations together worth £9 billion,” he said at a joint press conference with Prime Minister Narendra Modi here.

“We want to become the No. 1 partners to finance the immense economic vision Prime Minister Modi and make London the centre for off-shore rupee trading with the launch of one-billion worth of bonds including the first government-backed rupee denominated bond,” Mr Cameron added. Mr Modi highlighted plans for India to use London as a financial base for fundraising.

“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,” Mr Modi said.

He was accorded a guard of honour by the 48-member F Company Scots guard accompanied by the regimental band of Irish guards.

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