priti patel uk minister india visit modi jaitley smart city project naidu brexit eu good exit
Priti Patel, Secretary of State for International Development, U.K., calls on PM Narendra Modi, in New Delhi on August 13, 2016.PIB India

Allaying fears of Brexit fallout on India, a U.K. minister has said that the South Asian powerhouse and world's fastest-growing economy actually stands to gain from Britain's exit from the European Union (EU).

"If at all Brexit impacts India, it does so positively...This is an incredible time to be here, as fresh opportunities to crystallize trade and commerce deals have arisen after Britain's decision to exit from the European Union,"  Priti Patel, British MP and secretary of state for international development said, according to a report in the Hindustan Times.

Patel is currently on a three-day visit to India and has held meetings with Prime Minister Narendra Modi and senior NDA government ministers including Arun Jaitley and Venkaiah Naidu. She is also scheduled to visit Madhya Pradesh capital Bhopal, in addition to holding discussions with Indian industrialists. 

Patel also said that the U.K. was eager to participate in India's "smart city" project and "Make in India" initiative. 

"Prime Minister Modi is deeply ambitious and we want him to be successful when it comes to the delivery of smart cities. And we know we have the assistance and expertise to really add value," Patel said at an event in Delhi on Thursday, reported PTI.

Bilateral trade between India and the U.K. was valued at about £16 billion in 2015. India is the third-largest source of foreign direct investment in the U.K. while Britain was the largest investor among G20 countries in India last year, Reuters reported last month, quoting British business ministry.