Last week I visited India to discuss further infrastructure opportunities for our two great nations.
It was my first visit to the country since being appointed Prime Minister David Cameron's Infrastructure Envoy. Joined by the Economic Secretary to the Treasury, Harriett Baldwin MP, I had discussions with key figures in the Indian Government - including Railways Minister Suresh Prabhu, Minister for Road Transport and Highways and Shipping Nitin Gadkari, and Minister of State for Finance Jayant Sinha - as well as representatives from the public and private sector, aimed at developing closer ties between the UK and Indian capital markets.
The topics discussed ranged from raising finance in the London market to fuel India's infrastructure growth, to UK collaboration on India's National Investment Infrastructure and Fund and green finance. I also had an opportunity to speak at the 'Make in India' conference in Mumbai, putting the case for the UK as a key financing hub.
My appointment as Infrastructure Envoy underlines the importance this Conservative Government places on developing the special relationship between the UK and India. Infrastructure is a key part of our bilateral relationship and that is why we want Britain to become India's number one partner for raising finance.
David Cameron has enjoyed three visits to India in his time as Prime Minister. Both he and Chancellor George Osborne are keen for the UK to support India's infrastructure development programme and continued rapid economic growth.
India's growth forecast certainly makes it stand out when compared to other emerging markets. And, its infrastructure assets are an excellent match for the large pool of long-term capital in London.
But, there is no stronger endorsement for the growth of this special relationship than Prime Minister Narendra Modi's announcement during his recent visit to the UK about plans to launch a flagship rupee-denominated bond in London by the Indian Railway Finance Corporation. It is a fantastic opportunity which puts Britain's financial markets at the heart of funding India's rapidly growing economy and ambitious infrastructure requirements.
Mr Modi's visit was accompanied by other announcements from HDFC, Bharti Airtel, State Bank of India and Yes Bank to raise finance through the City of London in rupees, sterling and dollars. This further highlights the opportunities for the Indian private sector, as well as public sector entities, to raise capital in the UK for their investment and growth.
Looking forward, I hope to work closely with colleagues from both governments to ensure that we continue to develop closer ties between the UK and Indian capital markets. I am committed to putting the case for the UK as a key financing hub for India. And, I am confident that, over the coming years, a significant amount of financing for Indian infrastructure will be raised in the UK.
