London to assist Mumbai become international financial centre

New Delhi, May 18 (UNI) The Lord Mayor of the City of London, John Stuttard, who represents UK-based financial services, arrives here on Sunday on a week-long India visit to collaborate with the Government to help develop Mumbai as a world-class financial centre.

During his visit to Delhi, Kolkata and Mumbai, the Lord Mayor and his 40-member delegation will share their experience of developing a financial centre and adapting to globalisation.

''India's high-powered expert committee on developing Mumbai as a world-class financial centre described the City of London as its natural reference point, and we are keen to partner with the Indian Government as it works to develop its natural economy,'' a British High Commission press release quoted him as having said today.

''It is a challenging and exciting time for India with an economy growing at more than 8 per cent and half the population under 25.

''The City wants to engage with the Indian Government agenda and what the leaders of the India of tomorrow want to achieve in terms of growth, increasing employment and reducing poverty,'' he said.

The Lord Mayor's schedule includes his meetings with Finance Minister P Chidambaram, Commerce Minister Kamal Nath, RBI Governor Y V Reddy, and the Mayor of Kolkata.

In Delhi, the Lord Mayor will address a seminar, 'Partners in Action: How London's Global Financial Experience can be Relevant to India'. In Mumbai, he will inaugurate City of London's office, and chair an event focusing on how public-private partnership can help finance India's infrastructure.

Supported by UK Trade and Investment and the British Council, the Lord Mayor will also lead sessions on education in all the three cities.

He will also launch a guide to London's financial services.

The guide, 'The City: United Kingdom Financial Services-- Leadership Through Innovation', showcases the global strength of the UK financial services national offering, and highlights its wealth of opportunites.

On an average, the Lord Mayor, who travels with Cabinet Minister status, works for 80 days overseas promoting UK-based financial services and the City of London as a global platform for business.

India is one of the 20 countries he will visit during his year in office (2006-07).

The Lord Mayor is the elected head of the City of London Corporation which provides local government services for the world's leading international business district-- the 'Square Mile' around St Paul's.

He is also ambassador for the UK-based financial services industry as a whole, which includes regional financial centres such as Edinburgh, Glasgow, Leeds, Manchester and Bristol. The sector employed 1.3 million people across the UK, and accounted for 12 per cent of the GDP and a net contribution to the UK's export earnings of 19 billion euros in 2006.

UNI