Thaindian News

London, July 8 (ANI): British Prime Minister David Cameron will lead a senior cabinet delegation to New Delhi later this month to build what he called a new “special relationship” with India in an attempt to boost trade.

According to The Telegraph, Cameron will accompanied by Foreign Secretary William Hague, Chancellor George Osborne and Business Secretary Vince Cable among others to help create an ‘enhanced partnership’ with one of the world’s fastest growing economies.

The British Government believe their country must increase its business collaboration with Indian companies and universities to win a share of retail, banking and services markets which are expected to grow by 10 per cent per year.

The priority given to boosting ties with India, which has an estimated 250 million English speakers, was outlined in the Conservatives’ and Liberal Democrats’ coalition agreement when they took power in May.

Earlier, this week, India announced that it might deregulate its retail sectors in a move that could allow British supermarket giants like Tesco and Sainsburys to establish new stores throughout the country.

The report states that Britain is hoping India will lift restrictions in the banking, insurance, financial and professional services sectors and to allow law and accountancy firms to practise in the country. They believe British universities could help meet India’s growing demand for higher education places if they were allowed to set up new colleges on Indian soil.

“Officials believe British firms and universities can trade the technology and management advantages they have now for a share in India’s future wealth through forming joint ventures and developing new goods and services together,” the report said.

Gopichand Hinduja, co-chairman of the London-based Hinduja Group, welcomed Cabinet’s decision to visit India, which he said would be seen as a sign of respect and sincerity in New Delhi.

“India and Britain have strong historical bonds and the British understand India better than any other country in the world,” he said.

“It is in Britain and India’s interests to sign protocols which can help mutual trade and investment to grow. The scale of David Cameron’s first visit as prime minister will show Britain is giving importance to India,” he added.

Cameron and Indian Prime Minister Manmohan Singh are expected to issue a joint statement after their meetings heralding the new ’special relationship’. (ANI)