 "Finance Minister Nirmala Sitharaman")
Finance Minister Nirmala Sitharaman and United Kingdom Chancellor of the Exchequer Jeremy Hunt discussed macroeconomic & multilateral issues, financial services, infrastructure investments, trade, and green financing during the 12th annual India-UK Economic Financial Dialogue meeting held in New Delhi on Monday. The dialogue follows the conclusion of the G20 Summit held from September 9-10 under India's 2023 presidency. Under the joint leadership of Sitharaman and Hunt, the leaders discussed highlighting opportunities and shared concerns. Here are some of the key points from the press conference.
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FinTech collaboration and data protection
Union Finance Minister Nirmala Sitharaman expressed her optimism about the deepening collaboration between India and the UK in financial services. She noted that the UK had shown a keen interest in expanding its presence in India's GIFT City International Financial Services Centre (IFSC), marking a step towards a FinTech partnership.
"With emerging technologies such as artificial intelligence and machine learning redefining financial services and India's new Digital Personal Data Protection Act, there are ample opportunities for both nations to collaborate on frameworks for secure and inclusive financial intermediation," Sitharaman said.
The finance minister also cited the success of the India-UK green growth equity fund as evidence of the efficacy of public-private partnerships in fostering sustainable finance.
#WATCH | Delhi | Union Finance Minister Nirmala Sitharaman says, "With emerging technologies such as Artificial Intelligence and Machine Learning redefining financial services and India's new Digital Personal Data Protection Act, there are ample opportunities for both nations to… pic.twitter.com/ZGIQvQJHR8
— ANI (@ANI) September 11, 2023
UK-India Infrastructure Financing Bridge
Finance Minister Sitharaman took the opportunity to announce the launch of the UK-India Infrastructure Financing Bridge, a collaborative effort co-led by India's NITI Aayog and the City of London Corporation. This venture aims to leverage the collective expertise in planning and implementing major infrastructure projects of both nations.
Sitharam stated, "We remain committed to collaborate, deliberate and innovate to navigate the challenges and seize the opportunities that lie ahead for both nations."
Indian companies on London Stock Exchange
Chancellor Jeremy Hunt announced that India will explore the London Stock Exchange as an international destination for the direct listing of Indian companies.
"We are particularly pleased to have made a big step forward with the first confirmation by India that it will explore the London Stock Exchange as an international destination for the direct listing of Indian companies," stated the Chancellor.
He reaffirmed the UK Infrastructure Financing Bridge and also mentioned the establishment of a "pensions and insurance partnership" and the "deepening partnership on the developmental GIFT City."
#WATCH | Delhi | UK's Chancellor of the Exchequer Jeremy Hunt says, "We are particularly pleased to have made a big step forward with the first confirmation by India that it will explore the London Stock Exchange as an international destination for the direct listing of Indian… pic.twitter.com/o3s3MLeVtW
— ANI (@ANI) September 11, 2023
Free Trade Agreement discussions
Speaking on Free Trade Agreement (FTA) between India and the UK, Sitharaman confirmed that there were discussions on the investment aspects of the FTA, intending both sides to expedite these talks to reach quick agreements and eventually sign the FTA. She emphasised that the investment negotiations would run parallel to the goods and services trade negotiations.
"We have agreed to have the investment negotiations running parallel to the goods & services trade negotiations...The keenness on both sides is to conclude it as soon as possible," stated Sitharaman
Chancellor Hunt added, "So, we can really support each other's plans to strengthen the relationship, and the next step of this is a comprehensive Free Trade Agreement and Bilateral Investment Treaty."
Investment in India
Chancellor Hunt expressed his enthusiasm for investing in India, calling it "one of the most exciting places anywhere in the world that investors could wish to consider." He highlighted India's rapid growth within the G20, with a clear roadmap to becoming a developed nation by 2047.
"So, there is a huge opportunity," he remarked.
Security concerns and risks
Beyond economic matters, Chancellor Hunt addressed concerns over attempts to interfere with democratic processes, a problem shared by both nations. He stated, "The UK is one of the oldest democracies in the world, and, like India, democracy is a part of our DNA."
This statement was made regarding the arrest of a researcher at the UK parliament on claims of spying for China.
Hunt reassured that Prime Minister Rishi Sunak had raised this issue with Chinese Premier Li Qiang and "expressed our very serious concerns."
#WATCH | Delhi | On arrest of a researcher at the UK Parliament amid claims he was spying for China, UK's Chancellor of the Exchequer Jeremy Hunt says, "The UK is one of the oldest democracies in the world and, like India, democracy is a part of our DNA. So, we take very… pic.twitter.com/oelULvMrSq
— ANI (@ANI) September 11, 2023
