Modi's UK-visit to bring in $14 billion worth business
PM Modi's UK visit saw a $14 billion worth business deals. This included a $4.4-billion investment deal by Britain's OPG Power Ventures which would add 4,200 MW capacity of electricity in Tamil Nadu. At least 2 dozen other pacts and investment commitments were signed by Modi and David Cameron including the illustrious Madame Tussauds by Merlin Entertainment by 2017.
Modi's UK visit is being met with a number of protests by various Indian groups in Britain. The UK-based Awaaz Network protested against the "divisive agenda" that is responsible for undermining India's secular structure. Gujarati groups voiced concerns over the Patel reservation issue while the Sikhs were evidently angry at the desecration of their holy text the Guru Granth Sahib.
Modi spoke about how his government had been pushing to make India a better place to do business within the last 18 months. He said that in order to make India a hub of business his government had "fast-tracked approvals and clearances for industry and infrastructure." Moreover, he affirmed that India had introduced Tax-Free Infrastructure Bonds for "rail, road and other sector" projects.
India has emerged as the third largest source of FDI for the United Kingdom.
PM Modi signed a civil nuclear cooperation deal after holding delegation level talks with his English counterpart in London. Modi said that the agreement was "the conclusion of the civil nuclear agreement and is a symbol of our mutual trust and our resolve to combat climate change". Modi also revealed how UK would be a stronger partner in "India's defence modernization plans".
The visit cemented notable deals such as Wipro's commitment to boost investment in England. Apollo will have 1000 stores with Holland and Barrett International's help in India in the next 5 years. Clean energy for 27,400 telecoms towers of GTL would come from $1.8 billion contracts of Intelligent Energy. Standard Life, Bupa and Aviva would invest a joint $365 million through Indian joint ventures.
Having held the bilateral talks with the British PM Cameron Modi is expected to lunch with the Queen at Buckingham Palace, an honour that is saved only for visiting heads of the country. After that, Modi will charm a gathering of 60,000 British-Indians at Wembley Stadium. Bollywood performances and fireworks will feature at the event where PM Cameron will also be present.
