(Image Source: New York Times)


BY JOHN O’CONNOR

ANCHOR LAUREN GORES

The United Kingdom says it’s time for India to fend for itself as the British plan to drastically cut their financial aid to the country by 2015. The BBC has more.

“All new financial help will stop immediately and current projects will finish by 2015. After that aid will only be 10 percent of its current size and will be limited to technical assistance and help for the private sector.” 

CNBC says the announcement is an important one for India’s sovereignty given its relationship and former colonization by Great Britain.

“Since the East India Company was granted a royal charter in India in 1600, the U.K. has always had a foothold in India, be it through business, trade or international aid programs.” But now the U.K.’s announcement to cut aid is a sign that “one of the world’s original BRIC economies is now more ‘established’ than ‘emerging’ … ” 

The move is expected to receive praise from Britain’s Conservative Party looking to cut spending to reduce the country’s national debt. The Guardian also praises the decision, noting India has one of the world’s fastest growing economies as well as a multi-million pound space program.

“ … if the government can invest in space, the country can afford to finance its own development and poverty reduction programmes.” 

But with a third of the world’s poorest people living in India, The Hindu says the pulling of the aid may be premature.

“Aid agencies called the decision “premature’’ saying that despite India’s ‘impressive’ economic growth there were still too many poor people in the country who needed a helping hand.” 

However, India’s Foreign Minister says the government embraces the decision. Tell media at a press conference quote "aid is [the] past, trade is [the] future." 

U.K. to Cut Financial Aid to India by 2015

by John O'Connor
0
Transcript
Nov 9, 2012

U.K. to Cut Financial Aid to India by 2015

(Image Source: New York Times)


BY JOHN O’CONNOR

ANCHOR LAUREN GORES

The United Kingdom says it’s time for India to fend for itself as the British plan to drastically cut their financial aid to the country by 2015. The BBC has more.

“All new financial help will stop immediately and current projects will finish by 2015. After that aid will only be 10 percent of its current size and will be limited to technical assistance and help for the private sector.” 

CNBC says the announcement is an important one for India’s sovereignty given its relationship and former colonization by Great Britain.

“Since the East India Company was granted a royal charter in India in 1600, the U.K. has always had a foothold in India, be it through business, trade or international aid programs.” But now the U.K.’s announcement to cut aid is a sign that “one of the world’s original BRIC economies is now more ‘established’ than ‘emerging’ … ” 

The move is expected to receive praise from Britain’s Conservative Party looking to cut spending to reduce the country’s national debt. The Guardian also praises the decision, noting India has one of the world’s fastest growing economies as well as a multi-million pound space program.

“ … if the government can invest in space, the country can afford to finance its own development and poverty reduction programmes.” 

But with a third of the world’s poorest people living in India, The Hindu says the pulling of the aid may be premature.

“Aid agencies called the decision “premature’’ saying that despite India’s ‘impressive’ economic growth there were still too many poor people in the country who needed a helping hand.” 

However, India’s Foreign Minister says the government embraces the decision. Tell media at a press conference quote "aid is [the] past, trade is [the] future." 

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