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Brown vows hefty development package for India

New Delhi, Mon, 21 Jan 2008 NI Wire

British Prime Minister Gordon Brown on his two-day visit to India with a large delegation of business leaders pledges US $1.6 billion (euro1.1 billion) from Britain over three years for development programs in India. Besides he also supported the expansion of UN Security Council and establishment of World Bank fund to counter global warming.

Ahead of his talks with Prime Minister Manmohan Singh and President Pratibha Patil on Monday for building stronger economic ties, the British Prime Minister announced such a hefty package for India. He said the time had come for us to build a new global society.

Gordon Brown visiting New Delhi on his first official visits to Asia after becoming Prime Minister of Britain. He is in New Delhi on a two-day tour to promote business relations with UK after spending two days in China.

The purposed official tour has focused on expanding trade and investment, problems confronting terrorism, economic cooperation and on cooperation in controlling climate change.

Brown told business leaders Sunday to go forward and to get success post war international institutions “must be radically reformed to fit our world of globalisation.”

“We can and must do more to make our global institutions more representative and I support India’s bid for a permanent place, with others, on an expanded UN Security Council,” Brown said.

The British Prime Minister also supported the cause of Brazil, Germany and African countries that should also become members of UN Security Council.

“The IMF should be at the heart of an early warning system for financial turbulence affecting the global economy,” he said and adding further that he supported changes to the International Monetary Fund (IMF), the World Bank and the G8 to “reflect the rise of India and Asia.”

While bringing emphasis on multi task activity of World Bank, he said that the Bank should focus on poverty reduction and transform itself into ‘bank for the environment’ and finance for low-carbon investment.

No doubt India’s mushrooming middle class and domestic markets are augmenting foreign investment interest but prosperity still far behind in reaching rural areas. So, Brown said 500 million pounds would be spent on health and education and 3,00,000 more teachers would be appointed in schools.

In his meeting on women’s issues to discuss problems like the high maternal death rate and the practice of abortion of female fetuses, Brown said, “over the last few years, India has made great progress in tackling poverty and sustaining economic development.” But some grave challenges remain, he added, “the UK is keen to play its part and work in partnership with India to fight poverty.”

He said Manmohan Singh despite opposition from Left wing, which still bans foreign multiple brand retailers such as Wal-Mart Inc from opening stores or wholesale operations has led economic liberalisation in the country.

He praises the Indian government’s current plans of raising the limit on foreign equity stakes in local insurers to 49 percent from 26 percent.

Brown while highlighting India’s growing involvement in international mergers and acquisitions termed India as “a partnership of equals.”

Brown also was to attend a degree awards ceremony and launch a sports program at the University of Delhi.

Brown is pushing for closer economic ties with India as it gradually open up its domestic markets and pledging funds for development works in India, what he did in China. He also emphasised on greater cooperation with India in dealing with grave issues associated with security and counter-terrorism.

“I expect cooperation against terrorism intensified in all countries in Asia, Europe and America in the years to come and I will talk these very issues when I meet Prime Minister Manmohan Singh,” he said while talking to reporters.


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