Prime Minister Narendra Modi notified that India and the UK can leverage technological prowess to create new opportunities, while seeking the UK businesses to invest in defence, manufacturing and aerospace sectors in India. Speaking at the India-UK CII-DST TECH Summit Modi also highlighted the Foreign Direct Investment opportunities in India, to the UK Prime Minister Theresa May.
With India undertaking large programmes such as Make in India Smart Cities, Startup India and Digital India, combined with the UK expanding its economic and social reforms, the two countries have huge business opportunities. Both countries will set up an India-UK Urban Partnership.
Modi highlighted in the financial services sector and fintech offers immense opportunities as Jan Dhan Yojana, mobile technology and the Unique Identification Card are converging for the largest social sector programme in the world.
India with more than one billion phone connections and 350 million internet users provides a big digital platform.
May in her speech announced that the two countries are setting up an India-UK Urban Partnership. She also announced that the UK is committed to breaking down barriers and make it easier to do business.
Modi said that India-UK Clean Energy R&D Centre on solar energy with joint investment of 10 million pounds will be set up. A new Anti-Microbial Resistance initiative with joint investment of 15 million pounds is also being launched, he said.
By Baishakhi Dutta
