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Britain, India Sign over 9 Billion Pounds in Deals Despite Protests

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Britain and India welcomed more than 9 billion pounds in commercial deals during a visit by Indian Prime Minister Narendra Modi, but his arrival was overshadowed by protests over a perceived rise in intolerance back home.

Modi got a warm welcome by Prime Minister David Cameron, who has tried to cultivate closer ties with India to secure business opportunities in a fast-growing economy at a time when Modi has been prioritising other relationships.

For his part, Modi is seeking to restore his authority on the world stage after a defeat for his Hindu nationalist party in populous Bihar state on Sunday. He appealed to business to invest in a more transparent India in a speech at the Guildhall, a historic building in the heart of London’s financial district.

While Cameron said he wanted to support Modi in his efforts to transform India with improved infrastructure, the Indian leader signalled he wanted Britain to stay in the European Union, saying the country was India’s gateway to Europe.

Reuters

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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