There is a huge interest from UK industry: Arun Jaitley

Interview with Union Finance Minister

Finance Minister Arun Jaitley is on a four-day visit to Britain. He speaks to Ashis Ray in exclusive interview. Edited excerpts:

What's the message you bring as you attend a reception by Queen Elizabeth II to launch the India-UK Year of Culture to mark the 70th anniversary of Indian independence?

There has been a very large shared relationship. We inherited a system of governance and of various institutions and improved on them. Our economic relations are good. We have a large population of expatriate Indians living here and I think because of the importance of the relationship, we have decided, the two prime ministers met in November and agreed to have an India-UK Year of Culture with events in both countries. It is an emphasis and an underlining of that relationship.

Is a free trade agreement between India and Britain a definite after Brexit?

I wouldn't use that phrase. It is an important agenda on the table. 

But these things take a very long time, as our experience with the European Union has been, that it takes years and years of negotiations. So isn't it rather optimistic to say it's going to happen fairly quickly?

The negotiations can only start two years after Article 50 is triggered, when Brexit is completed. So it cannot be termed as that quickly. Then the issues will have to be sorted out.

It seems a move is afoot to explore a trading arrangement between Commonwealth member countries after Brexit. Commonwealth trade ministers are scheduled to meet next month with the object trying to unfold a trade treaty at next year's Commonwealth Heads of Government Meeting (CHOGM) here in London. I really will not be able to comment as to what the outcome of that will be.

Would India look upon the concept favourably?

India will have to look at what are the terms and issues that come out.

What are the takeaways from your meetings with chief executives, bankers and financial institutions?

There's a huge amount of interest. There's already a large investment coming in over the years and I am sure that'll continue to build up.

Have you received any definite commitments?

That depends on projects that they invest in. What we can do is create the environment to ensure it happens.