London

Modi said India is among the “most open” countries for foreign investments with the latest round of FDI reforms, asserting, at this point of time, it is “wiser to be in India.” Stating that he is personally eager to work with the British Government and companies, Modi vowed “my personal care in making your dreams a reality.”

Modi was speaking before a business audience at the historic Guildhall in the heart of the city of London’s financial district on the first day of this three-day visit to the UK--the first by an Indian Premier in 10 years.

The PM also sounded hopeful of India successfully rolling out the new goods and services tax in 2016. “Necessary conditions for take-off of the Indian economy have been created. Never before, India was so well prepared to absorb talent, technology and investment from outside. I can assure you that it will get better and better in the coming days. We will be open to welcome your ideas, innovations and enterprises. We are open to carry out necessary corrections in our policies and procedures,” he said.

Stating that there were a number of regulatory and taxation issues which were adversely impacting on the sentiments of foreign investors, Modi said the government has taken “very decisive” steps to remove a number of long pending concerns. “Since my Government took over, we have been working relentlessly to put the economy on track,” he said. Modi’s UK visit has seen $14 billion worth of business deals inked by enterprises of the sides, including a $4.4-billion investment by Britain’s OPG Power Ventures to add 4,200 MW capacity of new electricity generation in Tamil Nadu over the next few years.

Deals inked

• Vodafone to invest 1.3-bn pound in upgrading and expanding its network in India; creating new tech centres in Pune and Hyderabad and creating new data centres.
• Light Source to invest 2-bn pounds in India to design and manage 3GW of solar power over next five years.
• Intelligent Energy signed a 1.2-billion pound contract to provide clean energy to 27,400 telecoms towers.
• King’s College Hospitals Foundation Trust and Indo-UK Healthcare to set up a hospital in Chandigarh, the first of 11 new India-UK hospitals in India.
• India Bulls to invest 66 million pound in British start-up bank Oaknorth.
• Yes Bank and London Stock Exchange (LSE) signed a bond and equity issuance deal in green infrastructure finance; have plans to issue a green bond to the tune of 300 million pounds.

--- Agencies

Visit news.dtnext.in to explore our interactive epaper!

Download the DT Next app for more exciting features!

Click here for iOS

Click here for Android