Mumbai: British Prime Minister David Cameron Monday said he is proud of the fact that an Indian company Tata Motors makes Jaguar and Land Rover "that are taking the world by storm", even as he pitched for further opening up of India's insurance and banking sectors.
He made this remark while asserting that Britain is one of the most open and "incredibly welcoming" economies.
Addressing the staff of Hindustan Unilever (HUL) at the company's headquarters here, Cameron said: "Britain is an open economy and we encourage investments.... We should be having a conversation, which we will have with the Indian Government about opening up the Indian economy.
"Trying to make it easier to do business here, allowing insurance and banking companies to do more foreign direct investment into the Indian economy."
Britain is one of the most open, easy-to-invest in economies anywhere in the world, he said.
"We are incredibly welcoming. I am very proud of the fact that it is an Indian company, Tata, that makes Jaguars and Land Rovers that are taking the world by storm."
Tatas bought iconic car brands Jaguar and Land Rover, after the buyout of one of the largest British steel companies, Corus.
"There are still many rules and regulations in the Indian economy associated with how you did things in the past, which we think if you change will make your economy grow faster, will deliver more jobs, more wealth and more prosperity across your country," he said.
"So I think it’s a good conversation to have but it goes both ways. We should look at the things we need to do to take our barriers down and we hope that your government will do the same." he said.
The Indian government last year opened up its multi-brand retail sector for foreign companies after years of political opposition and a Parliament motion against this decision was defeated in both Lok Sabha and Rajya Sabha.
After allowing FDI in multi-brand retail, the government approved a hike in foreign investment cap in insurance sector to 49 percent, meeting a long standing demand of the industry and its regulator IRDA.
First Published: Monday, February 18, 2013, 22:11