At the end of July, a UK trade delegation consisting of senior members of the UK government and representatives from business, sport and academia visited India. As part of that trip, George Osborne delivered a speech on 28 July 2010 at the Taj Mahal Hotel in Mumbai on the UK’s and India’s new economic partnership.

The speech highlighted the growing trade and financial links between the two countries and called for both the UK and Indian governments to take steps to strengthen their cooperation in developing both countries’ global financial centres. The UK Chancellor stated that such steps must be reciprocal in nature and include Indian financial services firms establishing themselves in the UK, as well as UK firms establishing presences in India.

With regard to insurance, George Osborne specifically called upon the Indian government “to follow through on India’s welcome commitment to raise the cap on foreign investment from 26% to 49%”.