• Britain's £280 million annual aid to India has been radically re-engineered in response to criticism that as one of the world's fastest growing economies New Delhi does not “deserve” foreign aid, the International Development Secretary Andrew Mitchell said on Friday. He also said that British aid to India was “not for ever” and there were no commitments beyond 2015.

  • Sovereign wealth fund
  • The restructured programme, which has resemblance to a sovereign wealth fund, is designed to bring returns to the recession-hit British taxpayers. It will see half the aid budget for India invested in private sector enterprises that are already working with poor people such as Milk Mantra, a dairy in Orissa which buys milk from small farmers