George Osborne today revealed that new Indian finance bonds cooked up by the City of London are based on Britain’s favourite takeaway — chicken tikka masala.
He dubbed them “Masala Bonds” after the recipe that was “a fusion of Indian ingredients and British know-how, a world-beating dish”.
The bonds, which will raise up to £1 billion to fund projects such as the expansion of India’s rail network, were unveiled for the visit by Indian premier Narendra Modi. Mr Cameron will attempt to speak Hindi when he introduces Mr Modi on stage at Wembley Stadium tonight, saying: “Achha din aane waale hain” — which means “good times are coming”.
About 60,000 of Mr Modi’s admirers will be at the emotional climax of his three-day tour, the first by an Indian prime minister for a decade.
Mr Cameron is expected to back India’s claim to a permanent seat at the UN Security Council. “When you’re taking India to the world’s top table, we’re with you and when it comes to the United Nations we know what needs to happen — India with a permanent seat at the UN Security Council.”
Writing in tonight’s Evening Standard, the Chancellor said the VIP welcome was part of a plan to link the UK with the world’s emerging economic giants such as India and China.
“In Britain, our economy is still too dependent on our traditional markets in Europe and America,” he wrote. “Those markets are important, but if we are to succeed, we need to link ourselves more to the fastest growing parts of the world.”
Wembley will see 55 singers, more than 270 dancers, 155 musicians and a choir of 180 children perform classical and folk music and dance from across India and Europe.
Mr Modi, who spent the night at Chequers, was due to see the Queen at Buckingham Palace and hold meetings with business leaders, signing trade deals worth £9 billion. Mr Osborne wrote: “I want the UK to be the home of another new invention, the ‘Masala Bond’. Combining the ingredients of Indian finance with British financial ingenuity.”
