Britain says it plans to stop all financial aid to India in 2015, marking a major change in ties between an emerging economic power and its former colonial ruler.

International Development Minister Justine Greening said Tuesday that now is the time to recognize India's changing place in the world, and to move to a bilateral relationship focusing on skills-sharing instead of aid.

She said their bilateral ties must keep up with 21st-century India.

Many British lawmakers had argued against paying money to a country that can fund its own space program while Britain is struggling to cut its debt.

Britain's aid budget to India will be reduced to about $320 million until it is cut off completely in 2015.

India won independence from Britain in 1947.