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MUMBAI, India – Britain’s finance minister announced a $428 million deal with India’s military on Monday, July 7, after arriving in the country to seek stronger trade and investment ties with new Prime Minister Narendra Modi’s government.
George Osborne and Foreign Secretary William Hague landed in Mumbai for the two-day visit to drum up business for Britain, the latest foreign government delegation rushing to court Modi following his landslide victory in May.
Osborne announced the completion of a £250 million ($428 million) deal for defense company MBDA UK to supply air-to-air missiles to the Indian Air Force, creating “hundreds of jobs” in Britain.
“India is embarking on an exciting journey of reform under your new government,” Osborne told business leaders in India’s financial hub, assuring them there was “no more reliable partner” on that journey than Britain.
The ministers’ visit, which was taking them to New Delhi later on Monday, was expected to focus on forging deeper diplomatic and economic ties including in defence and infrastructure.
When asked by the BBC if Britain should be selling weapons to a country still mired in poverty, Osborne said India had some “very difficult neighbors,” without specifying.
He said he wanted India to defend itself “with the very best of the British defense industry.”
Reform-minded Modi has raised hopes for foreign investors with his pledges to open up India’s stumbling economy, spur investment, and improve the country’s shoddy infrastructure after progress stalled under the previous government.
“The excitement here is matched by new confidence among international investors abroad in the future of the Indian economy,” Osborne said. – Rappler.com
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