Railway rupee bond planned and civil nuke deal inked
India and Britain on Thursday signed deals worth over £9 billion as they inked a civil nuclear agreement and decided to collaborate in defence and cyber security, besides launching a railway rupee bond in the London market.
These decisions were announced at a joint press meet by Prime Ministers Narendra Modi and David Cameron after their 90-minute wide-ranging talks at 10 Downing Street.
Mr Modi, who flew into London Thursday morning on his much-anticipated three-day visit, was accorded a guard of honour by the Scots Guards’ 48-member F Company, accompanied by the regimental band of the Irish Guards, amid noisy protests by hundreds on growing intolerance in India.
Later, in a landmark address in the British Parliament, the first such by an Indian leader, Prime Minister Modi, in a veiled reference to Pakistan, said there should be a global resolve to “isolate” those who harbour terrorists. Addressing MPs in Westminster’s Royal Gallery, Mr Modi said the world must speak in one voice and act in unison to combat terrorism, calling it a “challenge of our times”. He said: “There should be a resolve to isolate those who harbour terrorists and willingness to stand with nations that will fight them honestly. And we need a social movement against extremism in countries where it is most prevalent and, every effort to delink religion and terror.”
“The world must speak in one voice and act in unison to combat this challenge of our times,” Mr Modi said, adding that terrorism and extremism were a global force larger than their changing names, groups, territories and targets.
Saying he was “truly honoured” to speak in the British Parliament, Mr Modi said even in this globalised world, London was still the standard for our times. He also cited his predecessors Jawaharlal Nehru and Manmohan Singh to highlight the connected histories of India and the UK.
“So much of the modern history of India is linked to this building. So much history looms across our relationship,” Mr Modi said. “I will only say that many freedom fighters of India found their calling in the institutions of Britain. And many makers of modern India, including several of my distinguished predecessors, from Jawaharlal Nehru to Dr Manmohan Singh, passed through their doors,” he said. There has been earlier criticism that his speeches ignored the legacy of Nehru and the Congress in India’s progress.
“There are many things on which it is hard to tell any more if they are British or Indian: the Jaguar or Scotland Yard, for example. Brooke Bond tea or my friend late Lord Ghulam Noon’s curry... And we love the Bhangra rap from London just as you like the English novel from India,” he said.
Earlier, at their joint press interaction, Mr Cameron called Indo-UK relations a “new dynamic modern partnership” and reiterated Britain’s support for India’s permanent membership of the UN Security Council. “During this visit British and Indian companies are announcing new collaborations together worth £9 billion,” he told reporters. “We want to become the number one partners to finance the immense economic vision of Prime Minister (Narendra) Modi and make London the centre for offshore rupee trading with the launch of £1 billion worth of bonds, including the first government-backed rupee denominated bond,” Mr Cameron added.
“We want to forge a more ambitious, modern partnership,” he added, noting India has more investments in Britain than in the rest of the European Union combined.
On his part, Mr Modi highlighted plans for India to use London as a financial base for fundraising. “We are going to use the London market for fundraising even more and I am happy to announce that we are set to launch a railway rupee bond in London. It is appropriate as the journey of the Indian Railways started in the UK,” Mr Modi said.
“The conclusion of the civil nuclear agreement is a symbol of our mutual trust and our resolve to combat climate change. The agreement for cooperation in India’s Global Centre for Clean Energy Partnerships will strengthen safety and security in the global nuclear industry,” he added.
Mr Modi faced some questions on intolerance in India in recent months, to which he responded that intolerance would not be accepted in any part of India. When a BBC reporter referred to recent incidents of intolerance and asked why India was becoming an increasingly intolerant place, Mr Modi said India was the land of Buddha and Gandhi and its culture did not accept anything against the basic social values. “India does not accept intolerance even if it is one or two or three incidents. But for a country of 125 crore people, whether it is significant or not, it does not matter. For us, every incident is serious. We do not tolerate it,” the PM said.
“The law takes strong action and will continue to do so. India is a vibrant democracy... its Constitution provides protection to all citizens, their lives and thoughts. We are committed to it,” the PM added.
Earlier, Mr Cameron came out from his office-cum residence, 10 Downing Street, to receive Mr Modi before the two leaders headed to the world’s most famous political office for talks. Mr Modi’s conversations with Mr Cameron will carry on at the British PM’s country residence of Chequers in Buckinghamshire, where he is being hosted overnight, also a signal honour.
Around 300 protesters gathered outside Downing Street before moving down to Parliament Square to mark a “day of protest” on Thursday, coinciding with Mr Modi’s visit.
The “Modi Not Welcome” campaign by Awaaz Network and CasteWatchUK were joined by British Sikh and Nepalese groups as they chanted slogans of “Back Off Modi” and “Hurrah for Bihar”.
Earlier, over 200 prominent authors, including Salman Rushdie, had asked Mr Cameron to raise the issue of the “rising climate of fear” and “growing intolerance” in India with Mr Modi, in second letter from PEN International in a month.
Around 46 MPs, including Leader of the Opposition Jeremy Corbyn, also signed a parliamentary motion asking Mr Cameron to raise human rights issues with the Indian government.
