New visa scheme aims to woo Indian business

The Indian side, in turn, conveyed that it will follow international practice and a proper verification process.

Update: 2016-11-07 19:38 GMT
According to reports, India and the UK are expected to ink business deals worth more than £1 billion (Rs 83,00 crore) during Ms May's three-day visit.

New Delhi: In a move to woo wealthy Indian businessmen to a post-Brexit Britain, Prime Minister Theresa May announced two major visa schemes for Indian business travellers, even as India on Monday flagged serious concerns over the UK’s stringent visa norms.

The Indian side, in turn, conveyed that it will follow international practice and a proper verification process. Ms May, who had as Britain's home secretary earned a reputation for being tough on immigration, is understood to have stuck to her guns against a more liberal visa system for other Indians, including students wanting to study there or professionals wanting to work, there by linking the issue with illegal immigration from India.

Under the second visa programme announced by the UK, the British PM said the Indian government will be the first one in the world to be invited to nominate business executives to the Great Club, a visa and immigration service that will also result in expediting visa and passage through British airports.

According to reports, India and the UK are expected to ink business deals worth more than £1 billion (Rs 83,00 crore) during Ms May's three-day visit.

The two countries inked two business pacts on Monday, including one that will ease transfer of British expertise to India, and the other dealing with intellectual property.

On the City of London financing Indian infrastructure growth, the India-UK joint statement said, "Over $1.1 billion (Rs 7,500 crore or £900 million) of rupee-denominated bonds have been issued in London since July 2016 establishing London as the leading global centre for offshore rupee finance.

The two Prime Ministers commended the pioneering and highly successful bond issuances by HDFC (Rs 3,000 crore or £366 million) and NTPC ('2,000 crore or £244 million), which will pave the way for Indian corporates to raise significant quantities of finance in London. They welcomed the intention of NHAI and Indian Railway Finance Corporation to issue rupee-denominated bonds in the next few months.”

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