India and the United Kingdom have decided to set up a 240 million pound fund to finance clean energy projects in India. Finance Minister Arun Jaitley said this while addressing media after the 9th India-UK Economic and Financial Dialogue in Delhi.
Mr Jaitley said both India and UK are going to make a contribution of 120 million pounds in the Green Growth Equity Fund which will focus initial investments in India’s rapidly growing energy and renewables market. The Fund will be a sub-fund of National Infrastructure and Investment Fund , which was set up by India in 2015 to finance greenfield as well as brownfield projects.
Mr Jaitley said many issues of bilateral interests were taken up during discussions with UK Chancellor of Exchequer, Philip Hammond. He expressed confidence that the next couple of years are going to be momentous because of the kind of changes taking place in both the economies.
He added that post Brexit, the United Kingdom is looking at different level of relationship with India and India is looking for more trade. The Minister said India is open to all arrangements which are of mutual interest to India and UK.