India is gearing up to strengthen its infrastructure with the India-UK Investment Bridge, focusing on roads, renewable energy, and rapid transit systems. According to a report, India is preparing to customize project designs to encourage greater global investor participation.
Collaboration with UK Firms for Significant Projects
A high-level discussion on potential projects included representatives from the City of London Corporation, Niti Aayog, various Indian ministries, and leading companies from both countries, including foreign firms operating in India. These deliberations aimed to identify priority areas for collaboration under the partnership.
Quoting government sources, it has been reported that the projects will be open to global bidding rather than limited to nominations. This approach addresses concerns stemming from the exit of several foreign companies from India’s road sector in recent years, which left smaller domestic developers to fill the void.
Focus on Expertise and Sustainability
Chris Hayward, Policy Chairman of the City of London Corporation, outlined the immediate and long-term goals of the partnership.”Between now and March next year, we plan to identify three projects in collaboration with the Indian government. These will likely focus on roads, rapid transit, and renewable energy,” Hayward said.
The initial phase will see UK firms offering project management expertise, with future plans to channel significant capital investments from London into India’s infrastructure initiatives. The overarching aim is to bolster India’s sustainable transport strategy, aligning with Prime Minister Narendra Modi’s vision for rapid and environmentally friendly development.
Overcoming Challenges and Building Confidence
Acknowledging past challenges faced by UK firms in India, Hayward emphasized the need for confidence-building measures.”British and other firms have had their fingers burnt in the past, but the Indian market has evolved significantly. Confidence in regulatory stability is crucial for this partnership’s success,” he added.
He further highlighted the ongoing negotiations for a bilateral investment treaty, stressing the importance of regulatory certainty and a business-friendly environment. “For this partnership to succeed, the Indian government must make participation seamless for UK businesses. Regulatory clarity is essential,” Hayward noted.
A Long-Term Vision for Growth
The two-year agreement aims to establish a robust partnership that could expand further.
“India’s growth is phenomenal and fast-paced. To achieve its ambitious infrastructure goals, India needs friends and partners like the UK,” Hayward remarked.
The partnership’s success is expected to foster significant progress in India’s infrastructure sector while promoting mutual growth for both nations.
