By Max Clarke

Lord Green today called for greater economic liberalisation in India to further the enhanced partnership between India and the UK.

In a speech in Mumbai today, Lord Green highlighted the need to embrace the vast opportunities to build on the vibrant, two-way relationship.

Said Lord Green: “Britain benefits from being one of the most open economies in the world and one of the easiest places to come and invest. In India, the challenge is to balance high growth numbers with sustainable growth for all parts of the population.

“I welcome the options India is considering which will allow for greater openness for businesses and opportunities — for example, how retail sector liberalisation might provide a powerful tool for tackling food price inflation. There are huge benefits to continued commitment to further economic liberalisation as India’s influence and prosperity increases.”

The Minister said that a successful EU-India Free Trade Agreement in the coming months, as well as completion of Doha negotiations would benefit both British and Indian companies.

The event, organised by Mint, one of India’s leading financial newspapers and the City of London looked at challenges facing the Indian financial system since 2008. The UK is a global hub for financial and professional services, and is one of the most open environments in the world for Indian banks.

Indian-UK trade went up by more than two-thirds between 2004 and 2009 and now stands at over £11 billion a year. India is a leading investor in the UK, and investments successes continue to grow rapidly. There are more than 700 Indian companies in the UK.