Everything Indian is everything golden these days, especially for the recession-hit developed world. A 1.2 billion people market, after all, is a lucrative one for industries, especially the ones into export. Thats why the agenda of David Camerons three-day visit to India was the removal of regulations and red-tapism to encourage more UK firms to tap into the market.
The two countries share not just historic and cultural ties, but also amiable relations, and stepping into the Indian market is also symbolic with having a strong influence in emerging Asia. Analysts have been urging Cameron to talk about more than political and economic interests with the economy that is forecast to be the third-largest by 2030.
Cameron paid heed to these suggestions, offering a warm, open welcome to all Indian students having so much as a place of offer and good command over the English language into UK. Given the gradual affinity with everything American that the Indian youth appear to have developed recently, enlightening the British charm again in their hearts was an important calling.
A Mumbai-Bangalore industrial corridor, complete with road, rail and telecommunications connections, and special economic zones was also announced to boost trade ties between the two countries.
In exchange for reducing trade barriers in banking, insurance and retail, Britain also promised a smoother entry for Indian businessmen into UK, such as plans for a one-day visa service for those business persons wishing to enter the country urgently. The 21 percent corporate tax rate was also highlighted as being low enough to encourage inward investment from India.
Incidentally, around the same time as Camerons visit, Royal Mint - the body permitted to manufacture coins in the UK - also announced its plans to start manufacturing sovereign gold coins in India. Obviously, the nations insatiable appetite for gold is also an area the developed world wants to tap into.
Clearly, Britains trying to gain greater influence and benefits out of an up and coming economic region. India has traditionally been a tough market to crack into for international businesses, UK being no exception.
An article in the Financial Times aptly sums up Britains motives, "India is much more than a useful market for British goods. It is an important partner on issues such as regional security and global governance, and a source of talent and investment. Failure to acknowledge this will (mean) Britains voice in the region could be diminished."
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