They also shared their concern on the falling global economic growth and increased risks to the global outlook while welcoming the strengthening of business ties between the two nations, a joint statement said.

The two prime ministers at their meeting agreed to continue working together towards strong, sustainable and balanced growth and to strengthen the economic relationship by deepening bilateral trade and investments.

Indian Finance Minister Arun Jaitley and Chancellor of the Exchequer George Osborne would drive this forward in their forthcoming economic and financial dialogue.

Both sides reaffirmed their commitment to work together to reinforce trade in goods and services in this area. India and Britain agreed to facilitate the temporary movement of skilled personnel in accordance with applicable international commitments.

The two prime ministers said London should play an important role in channelling investment into infrastructure projects in India, including in the railways sector. They welcomed the announcements by HDFC, Bharti Airtel, State Bank of India and Yes Bank to raise finance through the City of London which also opens up the opportunity for the Indian private sector to raise capital.

Modi noted the partnership of Britain and India in efforts to improve the ease of doing business. They announced a new Ease of Doing Business Partnership including several different strands of work to promote greater investments.

The two prime ministers welcomed the first meeting of the reconstituted India-UK CEOs Forum. The forum will be tasked with advising the two leaders about the trade and investment opportunities and challenges.

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