British PM arrives on 3-day visit to Republic of India

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http://www.thehindu.com/news/intern...is-key-to-U.K.-India-FTA’/article17343300.ece

Real potential of bilateral trade has not been tapped: Envoy

Resolving the issue of workers’ mobility would be “key” to a post-Brexit free trade agreement, said Y.K. Sinha, India’s High Commissioner to the United Kingdom.

Speaking at an event on opportunities for post-Brexit collaboration between the two countries, he said that while negotiating a bilateral trade agreement would potentially be easier than one with the entire block, for India, it was essential to ensure that its professionals, particularly in the financial services sector and IT services sectors, were able to visit and return freely. “For India, mobility is key.”

“The EU and India have been negotiating a free trade agreement since 1997, but we didn’t make headway for various reasons,” he said, adding that among them were issues that Britain had with the draft agreement.

“When you are negotiating with a large grouping there are other interests you have to keep in mind. However, when you are negotiating a bilateral deal, it makes it easier,” Mr. Sinha said, pointing to a joint working group that had been set up last year.

Enabling free movement of workers would benefit both Britain and India, he said. “They contribute immensely to the economy they live in and when they go back they contribute immensely to India.”

The event, organised by FICCI and the University of East Anglia, is the latest in a number of discussions taking place around the potential of the relationship. Britain is eager to negotiate an FTA with India. During a visit to India last November, Prime Minister Theresa May stressed her eagerness to secure such a deal.

‘Uncertain situation’

“We are confronted with an uncertain situation,” Mr. Sinha said. “Whatever scenario emerges, we need to be prepared and it’s important for us to see how we can leverage the situation to our advantage. Of course, trade is good but we haven’t tapped its potential.” He pointed to a Commonwealth study published last year that estimated a 25% boost to U.K.-India trade should a post-Brexit FTA be implemented.

While bilateral trade could see a boost, in the short term, the Brexit uncertainty is likely to hit Indian investment into the U.K., said Dr. Didar Singh, Secretary General of FICCI. While Britain had been India’s main investment partner in Europe, that was “part of Britain being part of a larger market. The uncertainty will cause a blip in the entire investment scenario… We have to understand that reality,” he said. “I look to see where the markets are… I look to see where the profitability is.”

With uncertainty hovering over the economic partnership, security and defense cooperation has the potential for becoming the dominant aspect of the bilateral relationship, said Rahul Roy-Chaudhury, head of the South Asia programme at the International Institute for Strategic studies. He noted that cooperation in this area had increased in recent years, with counter terrorism initiatives helping prevent terror attacks in India, and joint efforts to disrupt the financial and tactical support to the Lashkar-e-Taiba, and the signing of a civil nuclear cooperation agreement. That strategic could be strengthened greatly, he said, if Britain made public commitments on sharing cutting-edge military technology that Britain shared with top partners, and if there were more “actionable” exchanges of intelligence on money laundering, terrorist financing and other crimes. Strengthening this could help Britain return to be one of India’s top five strategic partners, said Roy-Chaudhury, pointing to the U.S. Russia, France, Japan, Israel, Australia and the UAE as being the current top strategic partners.

 

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Ministry of Finance
23-February, 2017 17:04 IST
The Union Finance Minister will leave tomorrow for London, UK on a five-day official visit: FM to hold business interaction with UK-India Business Council, meet his UK counterpart and the Chancellor of Exchequer ,To deliver talk at London School of Economics on ‘Transforming India: Vision for the Next Decade” among others.

The Union Minister for Finance and Corporate Affairs, Shri Aurn Jaitley will leave early morning tomorrow on a five day official visit to London U.K. from 24th to 28th February, 2017. On Saturday, 25th February, 2017, the Finance Minister will deliver a talk at London School of Economics on ‘Transforming India: Vision for the Next Decade”.

On Sunday, 26th February, 2017, the Finance Minister Shri Jaitley will attend a reception being organised by Federation of Indian Chambers of Commerce & Industry (FICCI), British Council and Indian High Commission at UK.

On Monday, 27th February, 2017, the Finance Minister Shri Arun Jaitley will perform Market Opening Ceremony at London Stock Exchange followed by a Roundtable Meeting with prospective issuers and leading investors and fintech leaders among others. Later in the day, the Finance Minister Shri Jaitley will have Business interaction with over 100 senior business leaders from the UK-India Business Council (UKIBC). Later, the Finance Minster will call on The Rt. Hon Boris Johnson, Foreign Secretary of UK.

The Finance Minister will also attend a reception being hosted by Her Majesty, the Queen at Buckingham Palace in the evening on that day.

On Tuesday, 28th February, 2017 the Finance Minister Shri Jaitley will also meet with his UK counterpart and the Chancellor of Exchequer. Thereafter, the Finance Minister will meet with CEOs at a meeting being organized by the Confederation of British Industry before leaving back for home in the evening on the same. The Finance Minister will arrive in the national capital early morning on 1st March, 2017 after completing his five day official visit to the U.K.

*****

 

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Ms. Patricia Hewitt, UK India Business Council, meeting the Union Minister for Finance, Corporate Affairs and Defence, Shri Arun Jaitley, in New Delhi on March 27, 2017.

 

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Ministry of Finance
04-April, 2017 17:29 IST
Joint statement by the Chancellor of the Exchequer and the Finance Minister of India at the 9th UK-India Economic and Financial Dialogue held in Delhi today

Following is the full Text of the Joint statement made by the UK Chancellor of the Exchequer Mr Philip Hammond and the Finance Minister of India Shri Arun Jaitley at the 9th UK-India Economic and Financial Dialogue held here today inDelhi


“We, the Finance Ministers of the UK and India, met here today in Delhi for the 9th round of Economic and Financial Dialogue (EFD). At today’s meeting, we discussed how, notwithstanding the UK’s triggering of Article 50, India and the UK can work together to: strengthen our existing economic partnership in order to further boost trade and investment and; build on the bold vision for the India-UK Strategic Partnership set out by our Prime Ministers during Prime Minister May’s November 2016 visit to India.

Global economy and policy responses

We welcome the strength of the economic outlook for both countries. Whilst economic confidence has increased and global growth is forecast to rise in 2017, we recognise that political risk and policy uncertainty in some parts of the world remain heightened and share concerns around policy space to respond to future shocks. The UK and India agree that globalisation has had positive impact on the world, and remain strong advocates for free markets and free trade. We agree that international cooperation is vital to make the global economy work for everyone and address shared global challenges. Both sides commit to work together to strengthen our co-operation in the G20, IMF, World Bank and other multilateral bodies to that end.

The UK and India share a common commitment to addressing cross-border tax evasion and avoidance and agree to collaborate in determining the status of wealth deposited in foreign financial accounts by nationals of both countries. We look forward to enhanced cooperation in this area. The two sides encourage timely implementation of the G20/OECD Base Erosion and Profit Shifting Project outputs and call on other countries to meet their commitments. The UK and India have committed to the Common Reporting Standards on Automatic Exchange of Tax Information and will begin to exchange information in 2017.

We also support work to strengthen the Global Financial Safety Net, with a strong, quota-based and adequately resourced IMF at its centre. We urge all members to work towards the IMF completing the 15th General Review of Quotas by Spring or no later than the Annual Meetings of 2019. We will also work with the World Bank to ensure progress of commitments under the Forward Look as per the roadmap agreed at the 2015 Annual Meetings. We recognise the importance of international cooperation on financial stability, and remain committed to supporting the implementation of agreed reforms under the auspices of the Financial Stability Board and Basel Committee of Banking Supervision. We also look forward to finalising the remaining elements of the regulatory framework.

India and the UK reiterate their concern at the threat posed by antimicrobial resistance and underline the need to explore evidence-based ways to mitigate resistance. Both sides agreed to work together to ensure effective implementation of FATF’s anti-money laundering and counter-terrorist financing standards globally.

India and the UK have agreed to continue sharing economic knowledge and expertise, including through the India-UK Economic Policy and Prosperity Partnership (EPPP). Under this Partnership Programme, both countries welcomed the success of the first annual Exchange Programme between officials from the Indian Economic Service and UK Government Economic Service. They committed to developing EPPP so that it further deepens institutional ties and helps to improve economic policymaking in both countries. It is proposed to co-host an economic conference in India this year, which will provide a forum for exchanging ideas and taking forward shared priorities.

The UK and India also welcomed the selection of the first Chevening Standard Chartered Financial Services Fellows - eight top Indian financial services leaders of the future - who will attend an eight week intensive course in financial services in London in the spring; and the inauguration of the IMF’s South Asia Regional Training and Technical Assistance Centre (SARTTAC) in February 2017. India and the UK are both founder members of this centre. This centre will further strengthen macroeconomic and financial capacity.

Trade and investment

The trade and investment relationship between India and the UK is flourishing and continues to expand and deepen. We reaffirmed our Prime Ministers’ commitment to building the ‘Closest possible commercial and economic relationship’.

We reviewed progress made since Prime Minister May’s visit to India in November 2016. In particular, we noted the success of the Joint Working Group on trade, which held its second meeting between senior officials in March 2017. Both sides were encouraged by the work of the Joint Trade Review, which seeks to identify steps to strengthen our trade relationship, now and as the UK leaves the EU.

Investment is a particularly important part of this economic and commercial partnership. The UK and India reaffirmed non-discriminatory treatment of foreign investors and committed to ensure an environment in which investors can continue to invest with confidence. The UK and India agreed to work together swiftly to encourage sustainable bilateral investment that benefits both countries, including through the Joint Working Group.

Both sides welcomed the recent launch of a Fast Track investment promotion mechanism, which provides a single window to help UK companies when establishing and expanding their business in India.

Improving the business environment

We are committing to taking forward measures to improve the regulatory environment in India, following the signing of a Memorandum of Understanding in November 2016. Reforms in India, including the GST and Insolvency legislation, are significant steps towards improved business conditions in India. Both sides welcomed UK's support to India in implementing these reforms, drawing upon the UK's experience to share knowledge, best practices and build capacity in areas including regulation, Insolvency and tax administration.

The UK and India recognise the social and economic benefits of a dynamic, vibrant and balanced national Intellectual Property regime including as a driver for growth. Both countries exchanged a Memorandum of Understanding to commence bilateral cooperation in November 2016 and look forward to now agreeing to a work plan setting out a range of bilateral activities aimed at improving administration, outreach, use and enforcement of IP.

Financial services relationship

Both governments welcomed the impressive progress by the India-UK Financial Partnership (IUKFP), under its co-chairs Mr Uday Kotak and Sir Gerry Grimstone, since its establishment as part of the 2014 Economic and Financial Dialogue. The two Finance Ministers recognised the success of this government initiated and private-sector led partnership in deepening links between our countries and generating commercial opportunities for both sides. Both sides welcomed the publication of further reports on financial inclusion, responsible shareholder engagement, rupee internationalisation and green finance. The Finance Ministers also agreed to renew the IUKFP’s mandate and looked forward to future papers on bank restructuring, fintech, disinvestment, India-UK trade and investment relationship – recommendations from financial and professional services – and ease of doing business in financial and professional services.

Recognising the crucial role of insurance and reinsurance to manag

e complex risks in the economic system, the UK and India welcomed the opening of Lloyd’s of London’s first Indian branch to underwrite re-insurance business. Both sides also agreed to work to boost cooperation and collaboration between the regulatory authorities and industries in both countries to foster sharing of best practices.

Both sides recognised the importance of developing strong pension systems, agreeing that India and UK can share experiences in this area.

Financing India’s growth

Both sides recognised London’s position as the world’s leading financial centre and the crucial role its markets will continue to play in raising capital for investment in India. We applauded the successful issuances by HDFC (INR 3,000 crore or £366 million) and NTPC (INR 2,000 crore or £244 million), the first ever masala bonds to be issued by Indian entities. Both sides also welcomed the issuance in London by the Canadian province British Columbia, the first foreign sub-national entity to issue rupee-denominated bonds.

The two Finance Ministers welcomed that the proposal of National Highways Authority of India (NHAI) to issue a Masala Bond in London in next few months. They also welcomed IREDA’s plans to issue a green bond in London and list their masala bonds on the London Stock Exchange within six months. They also looked forward to other Indian entities, including Energy Efficiency Services Limited (EESL) and Indian Railway Finance Corporation(IRFC) preparing to issue Masala Bonds in London in the coming months.

Given the increasingly important role the rupee will play in the global economy in years to come, we also welcomed the City of London Corporation’s establishment of a Rupee Initiative to bring together market experts and leverage the UK’s position as the world’s number one foreign exchange centre to further develop this market.

The two Finance Ministers were pleased with the strong progress being made to establish the joint India-UK fund under the National Investment and Infrastructure Fund (NIIF). Technical Assistance from the UK has played an important role in the initial phase of the NIIF and in establishing its readiness to raise and manage funds. The joint UK-India fund aims to leverage private sector investment from the City of London to finance Indian infrastructure projects. Both governments reaffirmed their commitment to anchor invest up to £120 million each in the joint fund which aims to raise around £500 million, and has the potential to unlock much more in future. The two Finance Ministers announced that the fund will focus initial investments on India’s rapidly growing energy and renewables market and that a fund manager is expected to be selected by the Autumn. Progress will be accelerated by starting the process of appointing a fund manager now with early market engagement via the publication of a blueprint, with the aim to identify additional and complementary sectors for fund investments.

The UK and India recognised the importance of combating climate change, supporting the mobilisation of finance from a variety of sources, instruments and channels to mitigate its effects alongside generating economic opportunities. We welcome the work of the G20 Green Finance Study Group promoting green finance and encouraging the issuance of green bonds, among other forms of green finance, to aid this objective. The UK welcomed India’s efforts to promote green finance, including the steps taken by the Securities and Exchange Board of India by issuing a concept paper on issuance of Green Bonds and the issuance of the first ever green masala bond by an Indian entity, NTPC. As such we agreed to set up a Forum to share experiences and best practices, with representation from the RBI, Ministry of Finance, Ministry of Power, Ministry of Renewable Energy, SEBI, Bank of England and HM Treasury, with a view to extending membership in due course.

The Ministerial India-UK Energy for Growth Dialogue on April 7th, 2017 will identify further opportunities for the UK to engage in the India's highly successful green finance sector.

Developments in FinTech

The UK and India highlighted the vital role of technology in improving the provision of accessible, secure, high-quality financial services. In an era of unprecedented technological change, FinTech can improve outcomes for consumers, increase financial inclusion, and monitor and stem flows of black money. Both sides recognised the important role that FinTech will play in supporting both Digital India and Make in India, particularly following India’s move towards a less cash society.

Both sides agreed to deepen bilateral collaboration on FinTech and explore the possibility of a regulatory cooperation agreement between the FCA and the RBI in the second quarter of 2017, which will enable the regulators to share information about financial services innovations in their respective markets, including emerging trends and regulatory issues. The feasibility of a UK-India FinTech Bridge would also be explored.

Both sides welcomed the FinTech delegation joining the Chancellor in India and highlighted the major India-UK Fintech Conference due to take place in Mumbai on 5 April,2017.

The UK and India look forward to the next dialogue in London in 2018.

****


The Union Minister for Finance, Corporate Affairs and Defence, Shri Arun Jaitley and the U.K. Chancellor of Exchequer, Mr. Philip Hammond, at a bilateral meeting, in New Delhi on April 04, 2017.

The Union Minister for Finance, Corporate Affairs and Defence, Shri Arun Jaitley and the U.K. Chancellor of Exchequer, Mr. Philip Hammond, at a bilateral meeting, in New Delhi on April 04, 2017. The Secretary, Department of Economic Affairs, Shri Shaktikanta Das and the Finance Secretary, Shri Ashok Lavasa are also seen.

The Union Minister for Finance, Corporate Affairs and Defence, Shri Arun Jaitley and the U.K. Chancellor of Exchequer, Mr. Philip Hammond at the India-UK Financial Partnership Presentation of Papers, in New Delhi on April 04, 2017.

The Union Minister for Finance, Corporate Affairs and Defence, Shri Arun Jaitley and the U.K. Chancellor of Exchequer, Mr. Philip Hammond at the India-UK Financial Partnership Presentation of Papers, in New Delhi on April 04, 2017.

The Union Minister for Finance, Corporate Affairs and Defence, Shri Arun Jaitley and the U.K. Chancellor of Exchequer, Mr. Philip Hammond in a group photograph at the India-UK Financial Partnership Presentation of Papers, in New Delhi on April 04, 2017. The Secretary, Department of Economic Affairs, Shri Shaktikanta Das and the Finance Secretary, Shri Ashok Lavasa are also seen.

The Union Minister for Finance, Corporate Affairs and Defence, Shri Arun Jaitley at the India-UK Economic & Financial Dialogue, in New Delhi on April 04, 2017. The Secretary, Department of Economic Affairs, Shri Shaktikanta Das and the Finance Secretary, Shri Ashok Lavasa are also seen.

The Union Minister for Finance, Corporate Affairs and Defence, Shri Arun Jaitley and the U.K. Chancellor of Exchequer, Mr. Philip Hammond addressing a Joint press conference, after the Economic and Financial Dialogue between India and U.K., in New Delhi on April 04, 2017.

 

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http://www.hindustantimes.com/busin...eal-with-eu/story-GmLhKKcFpffU2b7Fur3eWI.html

As Britain works out its divorce from the European Union (EU), chancellor of the exchequer Philip Hammond said on Tuesday that steps are being taken to address the fears of Indian firms which use the UK to access the European market.

“We will negotiate a free trade agreement with the EU, that will mean that goods originating in the UK will enter European markets freely and vice versa. I don’t believe that any of the Indian investments that we have till date will be put to risk,” Hammond told Hindustan Times.

Hammond is in New Delhi for the UK-India economic and financial dialogue aimed at promoting trade and investments between the two sides.

India is the third largest investor in the UK. If the trade deals with the EU do not materialise, it would mean goods originating from Britain would face entry tariffs, making them at least 10% costlier in Europe.

But given that the EU earns £100 billion more through goods sold in the UK than what Britain earns from sales into Europe, Hammond said he was confident of the trade deals going through.

He also brushed aside suggestions of new British visa restrictions affecting Indians. “The truth is that we issue more visas to Indians that all other nationalities put together. Sixty per cent of work visas issued by the UK go to Indians,” he said.

As India and the UK look at an FTA, Hammond assured there would be detailed discussions on visa issues. “Our migration approach has to move towards high-skilled professionals and that is what Indian companies also want,” he said.

The UK is among India’s major trading partners. In 2014-15, it ranked 18th in the list of India’s top 25 trading partners.

According to data from the commerce department, two-way merchandise trade during 2014-15 was worth $14.33 billion, marking a decrease of 9.39% when compared to 2013-14.

 

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Ministry of Finance
05-April, 2017 12:47 IST
India and the UK announce joint UK-India Fund, namely a Green Growth Equity Fund; Aims to leverage private sector investment from the City of London to invest in Green Infrastructure Projects in India;

Both Governments reaffirmed their commitment to anchor invest up to £120 million each (i.e. totally £ 240 million) in the Joint Fund which will be established under the NIIF framework.

India and the UK announced the launch of an Early Market Engagement for the joint UK-India Fund, namely a Green Growth Equity Fund which aims to leverage private sector investment from the City of London to invest in green infrastructure projects in India.


Both governments reaffirmed their commitment to anchor invest up to £120 million each (i.e. totally £ 240 million) in the joint fund which will be established under the NIIF framework. To begin with, the fund aims to raise around £500 million, with the potential to unlock much more in future. This was announced at the bilateral meeting between Shri Arun Jaitley, the Hon’ble Minister of Finance, Defence and Corporate Affairs, Government of India, and Rt Hon Philip Hammond MP, Chancellor of the Exchequer, Government of UK in Delhi yesterday. The two Finance Ministers announced that initial investments will focus on India’s rapidly growing green energy and renewable market and that a Fund Manager is expected to be selected in the next few months. Progress will be accelerated through early market engagement via the publication of a blueprint, with the aim to identify additional and complementary sectors for fund investments.


Details are available on http://www.niifindia.in/images/Blueprint%20GGEF.PDF

Ministry of Science & Technology
05-April, 2017 17:28 IST
MoU signed for a joint India-UK collaborative centre in crop-science

A Memorandum of Understanding has been signed for establishing a joint India-UK collaborative centre in crop-science. Aims and objectives of the centre are:-

• Establishment of a Research Centre located in India.

• Establishment of a joint fellowship programme in plant sciences to facilitate the exchange of PhD students and Postdoctoral researchers between the partnering UK and Indian institutions.

• Integration with continuing DBT-UK activities, such as the DBT-Cambridge Lectureships and the UK-India Virtual Joint Centres in Agricultural Nitrogen.

• Capacity building, leadership development and developing robust farmer outreach components.

The aim of the MoU is to develop a long term partnership between India and UK in Plant Sciences. Steps have been initiated and joint activities have commenced which are detailed below:-

• Joint Faculty Programme: The Department of Biotechnology in partnership with University of Cambridge, UK have initiated research-oriented lectureship programme at Cambridge University and a partner institute in India. The duration of lectureship is for a fixed term of five year of which three year of this will be in India and two year will be in University of Cambridge. Five applicants have been selected and are working under the joint unestablished post of Lectureship.

• Four India-UK Virtual Joint Centres in Agricultural Nitrogen have been established which will eventually integrate into the activities of Joint Plant Science Research Centre.

• Workshop Women Agriculture Scientists in Cambridge: This workshop was a direct result of the joint UK-India collaboration programme in crop science. Twenty five scientists in Agriculture were sent to Cambridge for a five day leadership training programme during 4th-10th September 2016.

The Department of Biotechnology is looking to expand global partnership and will be open to signing of such MoU with other countries. Crop science is top priority of the country and negotiations are continuing with countries such as Australia, EU for establishing programmes in Agriculture and Plant Science.

This information was given by Minister of State for Science & Technology and Earth Sciences Shri Y.S.Chowdary in written reply to a question in Lok Sabha today.

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Ministry of Environment and Forests
07-April, 2017 15:59 IST
Environment Minister emphasises Sustainable Lifestyle and Pre-2020 Actions on Climate Change

Minister of State (Independent Charge) of Environment, Forest and Climate Change, Mr. Anil Madhav Dave, has underlined the need for completing Pre-2020 actions and adoption of a holistic approach towards climate change, including an emphasis on sustainable consumption and lifestyles. During a meeting with UK Secretary of State for Business & Energy and Industrial Strategy, Mr. Greg Clark, here today, the Environment Minister emphasised the collaboration between India and United Kingdom at the sub-State level on climate resilience. He also appreciated the role of United Kingdom on Climate Change issues.

Both nations shared the progress in bilateral cooperation on environmental issues, including climate change. The UK Secretary of State emphasised the possibility of future collaboration on tidal energy and technology issues. He also appreciated India’s role in the ratification of Paris Agreement and post-Paris developments, including decisions during COP-22 at Marrakech. Both countries expressed the hope that their cooperation and exchange of experiences, knowledge and technologies will continue in future also.

UK Secretary of State for Business & Energy and Industrial Strategy met the Minister for Environment, Forest and Climate Change (I/C) at Indira Paryavaran Bhawan today.

***

Ministry of Power
07-April, 2017 18:50 IST
India - UK Ministerial Energy Dialogue: ‘Energy for Growth’

India and UK commit to strengthen engagement further in Renewable Energy, Climate Change

Union Minister of State (IC) for Power, Coal, New & Renewable Energy and Mines, Shri Piyush Goyal, and UK’s Secretary of State for Business, Energy and Industrial Strategy, Mr. Greg Clark, chaired the inaugural India-UK ‘Energy for Growth’ Dialogue here today. The dialogue takes forward the commitment of Prime Minister of India, Shri Narendra Modi and Prime Minister of UK, Ms. Theresa May for an enhanced ‘Energy for Growth’ Partnership between the two countries.

Both Shri Goyal and Mr. Clark welcomed UK’s ongoing commitment to India’s energy sector. On 4th April 2017 the two countries had reaffirmed their commitment to anchor investment up to £120 million each in the joint fund which aims to raise around £500 million, and has the potential to unlock much more in the future. It was announced that the fund will focus its initial investments on India’s rapidly growing energy and renewables market.

India and UK also recognised the importance of combating climate change and mobilising finance from a variety of sources, instruments and channels to mitigate its effects alongside generating economic opportunities. They welcomed the work of the G20 Green Finance Study Group promoting green finance encouraged the issuance of green bonds, among other forms of green finance.

Both Ministers appreciated the strides taken by Energy Efficiency Services Limited (EESL), which has established operations in UK by investing around £7 million in seven energy saving projects after intense technical and financial due diligence. The projects are in operation for more than two years and have been yielding dividends. The Ministers also noted the interest expressed by UK for replicating successful LED business model (UJALA-Unnat Jyoti by Affordable LED’s for All) of India in the UK.

India and UK share a strong investment and financial partnership, wherein UK is the third largest FDI investor in India and India is the third largest source of FDI projects in the UK. The India-UK Partnership Fund set up under National Investment and Infrastructure Fund (NIIF) has made substantial progress. The successful issuance of Rupee-denominated bonds in London by Indian entities is encouraging and is reflective of the potential of our financial partnership.

The two Ministers agreed on priority areas for further collaboration in the power and renewable energy areas under the Memorandum of Understanding on Cooperation in the Energy Sector, which was signed during the visit of Prime Minister Modi to the UK in November 2015. The agreed areas include innovation in smart technology to improve performance and reduce losses in India’s power sector; support for increased energy efficiency; enhanced energy access; work to accelerate deployment of renewable energy and its integration with the grid; financing for clean energy; decentralized energy scale up and sustainability; and support to states in renewable energy planning and deployment.

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The UK Secretary of State for Business, Energy and Industrial Strategy, Mr. Greg Clark meeting the Minister of State for Environment, Forest and Climate Change (Independent Charge), Shri Anil Madhav Dave, in New Delhi on April 07, 2017.

A delegation led by the UK Secretary of State for Business, Energy and Industrial Strategy, Mr. Greg Clark meeting the Minister of State for Environment, Forest and Climate Change (Independent Charge), Shri Anil Madhav Dave, in New Delhi on April 07, 2017. The Secretary, Ministry of Environment, Forest and Climate Change, Shri Ajay Narayan Jha is also seen.

The Minister of State for Power, Coal, New and Renewable Energy and Mines (Independent Charge), Shri Piyush Goyal addressing at the India-UK Energy for Growth Partnership, in New Delhi on April 06, 2017.

The Minister of State for Power, Coal, New and Renewable Energy and Mines (Independent Charge), Shri Piyush Goyal addressing at the India-UK Energy for Growth Partnership, in New Delhi on April 06, 2017.

The Minister of State for Power, Coal, New and Renewable Energy and Mines (Independent Charge), Shri Piyush Goyal and the UK Secretary of State for Business, Energy and Industrial Strategy, Mr. Greg Clark at the India-UK Energy for Growth Dialogue 2017, in New Delhi on April 07, 2017.

The Minister of State for Power, Coal, New and Renewable Energy and Mines (Independent Charge), Shri Piyush Goyal and the UK Secretary of State for Business, Energy and Industrial Strategy, Mr. Greg Clark at the India-UK Energy for Growth Dialogue 2017, in New Delhi on April 07, 2017.

 

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http://www.thehindu.com/news/nation...-for-technology-transfers/article17958090.ece

Developing of products and selling them to third countries

To expand the cooperation between India and the U.K. on sharing of advanced technology, the two countries are discussing ways to devise a government-to-government framework to facilitate transfer of such technology, said visiting U.K. Secretary of State for Defence Sir Michael Fallon on Wednesday.

“We have our exports controls, licensing system and I know that 99% of the license applications are granted. We are looking to further facilitate the transfer through a government-to-government framework…,” he said speaking at the India-UK strategic dialogue organised by the Observer Research Foundation and U.K. High Commission.

This is in line with the understanding reached between Prime Minister Narendra Modi and his British counterpart Theresa May during her visit to India in November last year. This will be one of the specific areas of discussion under the Defence and International Security Partnership (DISP) agreed between the two countries in 2015 and will be taken up by the Defence Consultative Group (DCG).


Mr. Fallon said that U.K. sees India as a launch pad for British companies where “we can develop high-tech capabilities and sell them to third countries…”

Transfer of technology

“We are dead-serious on transfer of technology,” Mr. Fallon stressed. He also said that the U.K. can share valuable lessons with India in its attempts at defence reforms. He listed the appointment of the Chief of Defence Staff and the setting up of a new procurement agency as some of the areas. India can learn from our mistakes during such reforms, he added.

 

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Ministry of Defence
13-April, 2017 19:21 IST
Joint Statement on India-United Kingdom Defence Partnership

The UK Secretary of State for Defence Sir Michael Fallon is on a four-day visit to India from April 11, 2017. The India-UK delegation level talks were held here today where the UK side was led by Sir Michael Fallon while the Indian delegation was headed by the Defence Minister Shri Arun Jaitley.

Following is the text of the Joint Statement issued after the talks:

“Minister of Defence Shri Arun Jaitley and Secretary of State for Defence Sir Michael Fallon set out a shared vision for the India-UK Defence Partnership.

At the invitation of Minister of Defence Shri Arun Jaitley, the Secretary of State for Defence Sir Michael Fallon visited India for the India-UK Strategic Defence Dialogue during 11-14 April 2017. The visit reaffirmed and consolidated UK-India defence cooperation in the framework of the Defence and International Security Partnership, agreed in November 2015, and the subsequent Joint Statement between the Governments of India and the UK in November 2016.

This enduring defence partnership will encompass not only cooperation in defence industry but also stronger military to military engagement, including training and advanced joint exercises.

The renewed engagement will place capability and technology development at its core and seek to harness the complementary strengths of both nations in defence manufacturing and use the combined strengths of their respective private and public sectors to develop defence solutions for use in both home and shared export markets.

The Defence Ministers will also continue to consult and co-ordinate policies across a range of global security challenges, especially those intended to eliminate the scourge of international terrorism, in pursuit of their shared goal of a more secure world.

AN ENHANCED DEFENCE PARTNERSHIP

Based on the Defence and International Security Partnership (DISP) and building on existing Defence Consultative Group (DCG) mechanisms, both sides will explore additional areas for institutional engagement.

The Ministers agreed to further strengthen their naval and maritime interactions, including enhanced Maritime Domain Awareness (MDA) through the bilateral technical agreement to exchange information to track terrorist and pirate vessels, a key deliverable of the DISP. The two Ministers also agreed to further develop cooperation between the UK Hydrographic Office and the Indian Navy Hydrographic Office.

India and the UK will endeavour to build a range of Capability Partnerships focussing on varied aspects of military effectiveness such as specialised training interactions and exchange of best practices in the following areas – Counter Terrorism (CT), Counter Improvised Explosive Devices (CIED), Air Force Training, Air Total Safety, Aircraft Carriers, Maritime Safety, Shipbuilding and UN Peacekeeping. Efforts are already underway with exchanges of subject matter experts to discuss air safety collaboration and future CT requirements. The Ministers tasked the relevant Executive Steering Groups (ESGs) to finalise proposals for consideration at the next DCG meeting scheduled later this year.

As India and the UK continue to transform and modernise their defence structures with a shared desire to maximise the efficiencies and operational benefits of establishing joint force structures, the two Ministers agreed to share relevant experience in this domain.

DEFENCE INDUSTRY

Whilst acknowledging the progress being made, the two Ministers recognised the potential for further cooperation in defence manufacturing between the UK and Indian companies under the ‘Make in India’ framework.

Shri Jaitley welcomed the UK’s interest in manufacturing in India as evidenced through recent announcements including the Memorandum of Understanding (MOU) between Bharat Dynamics Ltd. and Thales UK on technology transfer opportunities for missile systems and efforts to develop an Advanced Hawk jet trainer jointly by the BAE Systems and Hindustan Aeronautics Limited (HAL).

To further encourage and facilitate cooperation between the UK and Indian companies, the two Ministers agreed to extend the current Defence Equipment Cooperation MOU and work towards early completion of an expanded MOU, that will provide a platform for the UK and Indian industries to collaborate on and support transfer of technology on projects in areas of mutual interest.

The two Ministers welcomed measures to ensure life cycle support and sustenance of UK-origin defence platforms used by India, which may include setting up joint ventures and other collaborative arrangements.

The UK and India will encourage interactions between the Indian Army Design Bureau and Defence Equipment and Support (DE&S)/Army Capability Branch through their Defence Equipment Sub-Group.

The UK and India will explore establishing a secure communications method in order to share classified material. The two countries will also consider upgrading their bilateral General Security Arrangement.

SCIENCE AND TECHNOLOGY

The two Ministers recognised the need for stronger R&D cooperation, including access to Defence R&D training, to enable new and vibrant technology partnerships across the Defence domain.

They noted recent progress made on Defence Science and Technology collaboration with the signing of the Phase 2 follow-on research Collaborative Project Agreement on Human Sciences, signed at Aero India 2017.

CONCLUSION

The above commitments will better enable the UK and India to meet the evolving threats and challenges that face democracies in the 21st Century. Both countries recognised their shared perspectives on the regional and international security situation and agreed to maintain their close interaction in this regard.

Secretary of State for Defence Sir Michael Fallon thanked Minister of Defence Shri Arun Jaitley for the warm hospitality extended to him and his delegation and looked forward to a return visit by the Minister of Defence to the UK.”

The UK Secretary of State for Defence, Sir Michael Fallon reviewing the Tri-Services Guard of Honour, in New Delhi on April 13, 2017.

The Union Minister for Finance, Corporate Affairs and Defence, Shri Arun Jaitley with the UK Secretary of State for Defence, Sir Michael Fallon, in New Delhi on April 13, 2017.

The UK Secretary of State for Defence, Sir Michael Fallon laying wreath at Amar Jawan Jyoti, India Gate, in New Delhi on April 13, 2017.

The Union Minister for Finance, Corporate Affairs and Defence, Shri Arun Jaitley and the UK Secretary of State for Defence, Sir Michael Fallon, at the India-UK Defence Delegation Level Talks, in New Delhi on April 13, 2017.

 

[Hindustani78]

President's Secretariat
20-April, 2017 13:43 IST
President of India greets Queen Elizabeth II on her birthday

The President of India, Shri Pranab Mukherjee has conveyed his greetings and felicitations to Her Majesty Queen Elizabeth II of the United Kingdom on her birthday which falls on April 21.

In a message, the President has said, “On behalf of the Government and the people of India, it is with great pleasure that I convey warm greetings to you on the occasion of your birthday.

India cherishes her rich and multi-faceted partnership with the United Kingdom. Our bilateral cooperation has been expanded and strengthened in recent years and our fruitful engagements and exchanges at the highest political levels have given us much to look forward to.

The India-UK Year of Culture, launched by Your Majesty in London a few weeks ago makes this a particularly special year in the India-UK relationship. Your Majesty’s personal contribution and commitment to the enhancement of the friendship and mutually beneficial ties between India and the United Kingdom has been invaluable.

Please accept, Your Majesty, our sincere wishes for your good health and well-being. I take this opportunity to also convey the greetings of the people of India to the friendly people of the United Kingdom on the occasion of ‘Queen’s Day’.”

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[Hindustani78]

http://www.hindustantimes.com/busin...-unit-in-uk/story-0eG8tdPqL1zd3iqyTR7YGJ.html

International industrials and metals group Liberty House on Tuesday completed a £100 million deal to acquire the Speciality Steels division of Tata Steel UK and announced the creation of 300 production jobs.

The deal protects the jobs of 1,700 existing staff at three major sites at Rotherham, Stocksbridge and Brinsworth in South Yorkshire, smaller sites in Bolton, Lancashire and Wednesbury in the West Midlands, and two distribution centres in China.

Tata’s Speciality Steels division produces a range of high-value steels used manufacturing vehicles, aircraft, industrial machinery and equipment for the oil and gas industry.

Liberty said it will invest up to £20 million in new plant and equipment in the first year to boost competitiveness and secure international market leadership for the business, which is being relaunched as Liberty Speciality Steels.

The business will substantially increase output at the electric arc furnaces, casting shop and bar mill in Rotherham, with bigger plans across the wider speciality business in the years ahead, a Liberty statement said.

Production from arc furnaces is expected to rise to more than a million tonnes a year and there are plans for the bar mill to roll more than 400,000 tonnes a year. The business plans to grow its position in aerospace markets, using recent capital investments at Stocksbridge and investing in additional capacity and new technology.

Liberty said the acquisition marked a major step forward for its “Greensteel” strategy as it gives the group the largest arc furnace capacity in Britain, a key component in its plan to increase low-carbon steel production based on recycling metal in furnaces powered by renewable energy.

Liberty House executive chairman Sanjeev Gupta said: “The Speciality Steels business is a global leader in its field, with a highly skilled and well-motivated workforce and we are eager to invest so it can grow and achieve its full potential.

“It will help us achieve our ‘Greensteel’ vision and facilitate investment in engineering products, thereby reducing the supply-chain gaps in the UK, especially in automotive and aerospace sectors."

Jon Bolton, appointed chief executive of Liberty Speciality Steels, explained that the business already has a strong market reputation, thanks to a combination of advanced equipment capability and a skilled workforce.

 

[Hindustani78]

Ministry of Home Affairs
04-May, 2017 16:18 IST
First Home Affairs Dialogue between India and UK held today

The First Home Affairs Dialogue between India and UK was held today. The Indian side was led by Union Home Secretary, Shri Rajiv Mehrishi and the UK delegation was led by Ms. Patsy Wilkinson, Second Permanent Secretary, Home Office, Government of UK.

The meeting was held as a follow up of UK Prime Minister’s visit to India in November, 2016 and the commitment of the two Prime Ministers for enhanced and strengthened Dialogue.

Both sides expressed satisfaction in matters relating to extradition of wanted persons. The process involved in matters of extradition and the need to further improve them, were also discussed.

Both sides agreed to address the challenges of illegal migrants. The two sides will work together to ensure smooth return of Indians overstaying in UK subject to nationality verification.

Regarding criminal data sharing and strengthening cooperation in tackling serious and organised crimes, the two sides expressed their satisfaction in the existing level of cooperation. Both sides also agreed to enhance and strengthen further the bilateral cooperation and work towards formalising the arrangements.

India raised the issue of visa related difficulties faced by Indian students, skilled professional and dependents of Indian diplomats. UK side assured that this would be looked into. The UK side mentioned that it has been their constant endeavour to improve the visa process to promote people to people exchanges that exist between the two countries. The UK side also briefed about the progress regarding the Registered Travellers Scheme and great club announcements which were made during UK Prime Minister’s visit in 2016.

Both India and UK laid emphasis on cooperation on anti- terrorism mechanism and to strengthen mutual support to check cyber crimes. Both sides agreed to formalise these arrangements.

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A UK delegation led by Ms. Patsy Wilkinson, Second Permanent Secretary, Home Office, Government of UK, holding talks with the Indian delegation, led by the Union Home Secretary, Shri Rajiv Mehrishi, in New Delhi on May 04, 2017.

 

[Hindustani78]

http://zeenews.india.com/india/afte...s-to-be-seized-in-britain-report-2002249.html
Delhi: After UAE, Mumbai serial blasts mastermind Dawood Ibrahim's properties may soon be seized in the United Kingdom too.

As per a report in Aaj Tak, Narendra Modi government has requested the British government to seize the properties of the underworld don.

The media house quoted a Union Home Ministry sources as saying that Indian agencies have been working on it for some time and has been sharing details with UK agencies from time to time.

In January this year, reports had said that UAE government had seized Dawood's assets worth Rs 15,000 crore.

The UAE government is said to have begun an inquiry into properties of Dawood in Dubai after receiving a confidential list from India.

The list was supposedly provided to the UAE authorities when PM Modi, accompanied by National Security Advisor Ajit Doval, had visited UAE last year.

The dossier provided by India to UAE had listed several properties and had also reportedly made a mention about a company known as ''Golden Box'' being allegedly run in Dubai by Dawood's brother.

The dossier had stated that this company is being run by Anis Ibrahim who is the younger brother of Dawood.

Dawood has investments in Morocco, Spain, United Arab Emirates, Singapore, Thailand, Cyprus, Turkey, India, Pakistan and the United Kingdom.

Meanwhile, Union Home Secretary Rajiv Mehrishi held talks on Thursday with his UK counterpart Patsy Wilkinson, the second permanent secretary in the British Home Office.

As per PTI, India asked Britain to ensure early extradition of fugitive businessman Vijay Mallya, wanted back home in a bank default case of over Rs 9000 crore involving his defunct Kingfisher Airlines.

Mehrishi sought early conclusion of the extradition process of Mallya, who has been declared a proclaimed offender by a Mumbai court, during his talks with Wilkinson, official sources said.

"We have discussed how to remove the bottlenecks in processing extradition requests. The process involved in matters of extradition and the need to further improve them were also discussed," home ministry adviser Ashok Prasad said.

Though Prasad maintained no specific case was discussed at the meeting, some other official sources said the Mallya case was indeed raised by the union home secretary. Prasad said Mallya's case was subjudice.

The presence of certain Khalistani militant elements in the UK also came up for discussion.

"We discussed the issue of Khalistani militants based in the UK and they have promised to look into it," Prasad said.

(With Agency inputs)

 

[Hindustani78]

The investigation by the ED under Prevention of Money Laundering Act was initiated pursuant to a case of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 registered by Income Tax Authorities against Bhandari. File photo
http://www.deccanherald.com/content/614868/ed-attaches-rs-21-cr.html

The Enforcement Directorate (ED) on Thursday attached assets worth Rs 21 crores of controversial arms dealer Sanjay Bhandari, who sneaked out of India last year, and his wife in a money laundering case.

The investigation by the ED under Prevention of Money Laundering Act was initiated pursuant to a case of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 registered by Income Tax Authorities against Bhandari.

Bhandari was also charged by Delhi Police under Sections 3 and 5 of the Official Secrets Act (OSA) in October last year after Income Tax Department officials recovered confidential defence documents during a search operation on his premises.

"This is the first case of issuance of attachment order where the scheduled offence is Black Money Act. The provisions of PMLA allow for attachment of properties in India equivalent to the undisclosed assets outside India of a person accused of offences under The Black Money Act," the ED said in a statement.

Bhandari had acquired assets worth more than Rs 150 crores outside India, which were not declared for taxation purposes before the IT Department, the statement said.

The properties attached by ED include commercial properties in Panchsheel Shopping Complex in Delhi's Panchsheel Park, residential property in south Delhi's Vasant Vihar and residential property in Haryana's Gurugram as well as the jewellery and bank deposits.

His case came to light after the I-T department conducted searches against him in April last year and recovered "sensitive" defence documents from his premises. In February this year, the CBI forwarded a Delhi Police request to Interpol to obtain a Red Corner Notice (RCN) against Bhandari.

Officials had earlier said the Income Tax Department had identified about six foreign assets in Bhandari's name.

Investigating agencies were also looking at whether Congress president Sonia Ganhi's son-in-law Robert Vadra had close contacts with Bhandari, after the controversial arms dealer is claimed to have admitted to exchanging of emails.

The enquiry against Bhandari has also been expanded to British Virgin Islands and UAE after investigators reported to Finance Ministry about the possibility of a London property of Bhandari having links with Vadra.

 

[Hindustani78]

Ministry of Finance
28-June, 2017 16:24 IST
The Central Board of Direct Taxes (CBDT) entered into Five Unilateral Advance Pricing Agreement with Indian taxpayers;

Bilateral Advance Pricing Agreement (involving United Kingdom) also signed

The Central Board of Direct Taxes (CBDT) entered into Five Unilateral Advance Pricing Agreement with Indian taxpayers during June, 2017. A Bilateral Advance Pricing Agreement (involving United Kingdom) was also signed during the month.

The APA Scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and determining the arm’s length price of international transactions in advance for the maximum of five future years. Further, the taxpayer has the option to rollback the APA for four preceding years, as a result of which, tax certainty for a total period of nine years is provided. Since its inception, the APA scheme has attracted tremendous interest among Multi National Enterprises (MNEs).

The APAs signed in June, 2017 pertain to healthcare, information technology and gaming/animation (media) sectors of the economy.

The number of Unilateral APAs signed in the current financial year is now nine and the number of Bilateral APAs signed in the current financial year is one . With this, the total number of APAs signed since the commencement of the program till date stands at 162 (Unilateral-150 and Bilateral-12). The CBDT expects more APAs to be signed in the near future.

The progress of the APA Scheme strengthens the Government’s commitment to foster a non-adversarial tax regime.

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