India-UK investment bridge focuses on critical infrastructure projects in roads, renewables, and rapid transit systems. The partnership aims to attract global investment and expertise for India’s sustainable infrastructure development. According to reports, the Indian government is willing to tailor project designs to encourage global participation in these sectors.
Open participation for Roads, Renewables, and Transit
As part of the India-UK investment bridge, India is pitching projects in roads, renewable energy, and rapid transit to international investors. Government officials and representatives from the City of London Corporation, Niti Aayog, and other UK and Indian firms are actively engaged in discussions about these sectors. The partnership promises global bidding for these projects, moving away from past practices of nominations.
The shift comes as foreign companies have largely exited India’s road sector, creating a gap that smaller Indian developers are stepping in to fill. Major UK firms, such as Mott Macdonald and Arup, bring global expertise in infrastructure projects, positioning them to contribute to India’s growth.
India-UK investment bridge targets three key projects
By March 2024, the India-UK partnership plans to identify three key infrastructure projects in the areas of roads, rapid transit, and renewable energy. The focus is on leveraging UK firms’ project management capabilities to help drive India’s ambitious infrastructure goals.
Chris Hayward, policy chairman of the City of London Corporation, emphasized that the collaboration aims to expand to capital investment in the long term. He sees the partnership as vital for supporting India’s sustainable transport strategy, with expectations for ongoing growth and long-term cooperation.
Addressing challenges and ensuring regulatory certainty
Despite the promise of collaboration, there are concerns about regulatory certainty and ease of participation for UK businesses. Chris Hayward acknowledged that past challenges had affected UK firms’ confidence in entering the Indian market. However, he stressed the importance of regulatory clarity for the success of this initiative, noting that UK businesses need assurances before fully committing.
The partnership envisions a two-year initial agreement, with potential for it to grow into a long-term venture between the Indian government and the UK. The focus is on creating a mutually beneficial relationship to support India’s rapid infrastructure development.
