"When it comes to India, I think Mr Chidambaram has done a great job at telling and showing the world that India is open for business," Osborne told select Indian journalists after his meeting with the Finance Minister.
Giving a resounding thumbs up to India's reform initiatives, Osborne said: "I think people had some questions a year or two ago but Mr Chidambaram has settled those doubts and the reforms he has proposed - the retail reforms, pension bill, among others - are a real sign of India's commitment to wanting to trade with the world. I think he has single handedly made a huge contribution and we are honoured that we are able to host him today".
Chidambaram donned a hard hat during a visit to a new Crossrail station project in east London. He was shown around the upcoming mega high-frequency railway project by Osborne, who gave a resounding thumbs up to India's reform initiatives.
The Indian Finance Minister is on a three-nation tour to UK, France and Qatar to sell India's growth story and attract foreign investments.
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The meeting of the two finance ministers followed Chidambaram's closed-door meetings with potential British investors into India.
Osborne said Britain is probably the strongest champion in Europe of the India-EU FTA. "I hope and I am reasonably optimistic we can conclude it this year," he added.