<p>Britain will stop giving financial aid to India by 2015, the government said on Friday, marking a shift in ties between the one-time imperial power and its fast-growing former colony.</p>.<p>The move follows anger at handouts to an economy which is Asia's third largest and has a space program, at a time of spending cuts and economic gloom in the United Kingdom.</p>.<p>"It's time to recognise India's changing place in the world," International Development Secretary Justine Greening said in a statement that estimated savings of GBP 200 million by 2015.</p>.<p>Existing programs will be completed by that date and Britain will make no new cash commitments.</p>.<p>India became independent from British rule in 1947. It is now the third largest investor in Britain and its companies own flagship brands including Jaguar Land Rover.</p>.<p>Despite India's rapid economic development over the past decade it suffers deep pockets of severe malnutrition and extreme poverty.</p>.<p>The move is unlikely to anger the Indian government, whose former finance minister described Britain's aid contribution to India as a 'peanut.' In 2011, Prime Minister Manmohan Singh announced a $5 billion aid credit line for Africa.</p>.<p>Controversy over the aid program flared after former International Development Secretary Andrew Mitchell said last year the GBP 280 million annual assistance was partly about "seeking to sell the Typhoon."</p>.<p>India later entered into exclusive negotiations with France's Rafale fighter, rejecting the British-backed plane for an estimated $15 billion contract.</p>
<p>Britain will stop giving financial aid to India by 2015, the government said on Friday, marking a shift in ties between the one-time imperial power and its fast-growing former colony.</p>.<p>The move follows anger at handouts to an economy which is Asia's third largest and has a space program, at a time of spending cuts and economic gloom in the United Kingdom.</p>.<p>"It's time to recognise India's changing place in the world," International Development Secretary Justine Greening said in a statement that estimated savings of GBP 200 million by 2015.</p>.<p>Existing programs will be completed by that date and Britain will make no new cash commitments.</p>.<p>India became independent from British rule in 1947. It is now the third largest investor in Britain and its companies own flagship brands including Jaguar Land Rover.</p>.<p>Despite India's rapid economic development over the past decade it suffers deep pockets of severe malnutrition and extreme poverty.</p>.<p>The move is unlikely to anger the Indian government, whose former finance minister described Britain's aid contribution to India as a 'peanut.' In 2011, Prime Minister Manmohan Singh announced a $5 billion aid credit line for Africa.</p>.<p>Controversy over the aid program flared after former International Development Secretary Andrew Mitchell said last year the GBP 280 million annual assistance was partly about "seeking to sell the Typhoon."</p>.<p>India later entered into exclusive negotiations with France's Rafale fighter, rejecting the British-backed plane for an estimated $15 billion contract.</p>