India and Britain on 26 July 2011 confirmed trade deals worth billions of pounds after the talks concluded between Union Finance minister Pranab Mukherjee and Chancellor of the Exchequer George Osborne in London. The talks were a part of the Economic and Financial dialogue between the two countries. The commercial ties are growing between UK and India. Around 3000 British firms were either investing in or planning to invest in India.
India and UK also issued a joint statement at the end of the Economic and Financial dialogue. The main features of the joint statement are as following:
• Both countries are committed to the implantation of credible, medium-term fiscal consolidation plans as we meet our commitments through the G20 Framework for strong, sustainable and balanced growth.
• India and UK discussed the vital role that foreign banks play in both our countries in driving innovation, furthering inclusion and bringing new technology into our markets. Both sides welcomed the Reserve Bank of India’s paper on foreign banks.
