India and United Kingdom in the third week of June 2013 decided to develop the Bangalore-Mumbai Economic Corridor project in close association with private companies from Britain. The decision on taking the project, which had been outlined both by Prime Minister Manmohan Singh and British Prime Minister David Cameron in February this year, was taken at the meeting of Commerce and Industry Minister Anand Sharma with UK’s Secretary of State for Business, Oliver Letwin during his recent visit to London.
The corridor project was outlined in February 2013 during the visit of British Prime Minister David Cameron to India. A Joint Study group would work out the details of execution of this prestigious project. Bangalore-Mumbai Economic Corridor project could be highly profitable given the importance of Mumbai as financial centre, Pune as automobile manufacturing centre and Bangalore as IT and Technology Hub.
Moreover, UK India Business council and the Invest India signed a Memorandum of Understanding to increase investments in India as well as to collaborate for providing UK business information on investment opportunities. Invest India is a joint venture of the DIPP, State governments and the Federation of Indian Chambers of Commerce and Industry (FICCI).