Osborne, who had a brief meeting with RBI Governor Raghuram Rajan earlier in the day, also announced two investment deals - a 100 million pound investment by Cipla and 20 million pound investment by the Mahindras in an electric car venture in the island nation.
Besides, Osborne said, India's defence ministry has signed a 250 million pounds contract with MBDA of Britain to supply advanced short-range air-to-air missiles to Indian Air Force's Jaguar fleet.
On the Mahindra investment, Osborne said 20 million pounds will be pumped in to develop state-of-the-art facilities at Farnham and Donington to support their Formula E racing team - the new racing competition driving innovation in the electric vehicle market.
The technology being developed could be used for Mahindra's consumer electric vehicle programme. The first electric car is expected to go on sale in Britain next year, he added.Cipla's investment will go into launching a range of drugs in the area of respiratory, oncology and antiretroviral medicines as well as R&D and clinical trials as part of their expansion plans internationally, he said.
Ratan Tata, the patriarch of the Tata Group, which is the biggest employer in the British manufacturing sector, was the notable presence in the packed audience of corporate leaders when Osborne and Hague addressed the media.
Secretary of State for Foreign Affairs Hague announced trebling of the Chevening scholarships for Indian students this year to 150 to further strengthen bilateral ties as the insititution celebrates its 30 years. This makes India the largest recipient of Chevening scholarships in the world.
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