UK minister asks India to treat British firms on equal footing

Indicating support for Vodafone's bid for Hutchison-Essar, UK Minister for Trade and Industry Alistair Darling today asked for equal opportunities for UK-based companies in India.

He was speaking at the India-UK Joint Economic Trade Committee meeting here today, which was also attended by Commerce Minister Kamal Nath.

"Indian companies can come buy any business in the UK. This should be a two-way process," said Darling, who is leading a 150-member business delegation from 80 UK-based companies.

This statement comes at a time when Tata Steel has bid for Corus in the UK, while Vodafone is keen on bidding for Hutch in India. Recently, EU Trade Commissioner Peter Mandelson spoke to Nath on Vodafone's pitch for Hutch.

Darling also conveyed the concerns of UK industry on various trade barriers which exist in India. "We have seen progress in sectors like health care and financial services, but barriers still need to be broken,"' he added.

The UK trade secretary also vouched for the successful conclusion of the Doha round.

Earlier, addressing the joint meeting, Nath said India was entering the next phase in financial reforms.

"A new bill on banking will be introduced by the finance minister in the next session of Parliament," he said. Moreover, he added reforms on the FDI front in India were more advanced than many developing countries in the region.