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India, UK hold 12th Economic and Financial Dialogue
India and the UK concluded their 12th Economic and Financial Dialogue, announcing the India-UK Infrastructure Finance Bridge to support India's National Infrastructure Pipeline and strengthen financial cooperation.
Uday Kotak (left), Nirmala Sitharam (left-centre), Jeremy Hunt (centre-right), and Bill Winters (right) / Image - IUKPF
The 12th Ministerial India-UK Economic and Financial Dialogue (EFD) took place in New Delhi, reaffirming their financial collaboration on September 11. Led by Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs of India, and Jeremy Hunt, MP, Chancellor of the Exchequer of the United Kingdom, the dialogue focused on enhancing financial services, infrastructure development, and sustainable finance.
India and the UK underscored their dedication to deepening their partnership in financial services, recognizing each other's strengths, and advancing common goals of financial inclusion and sustainable development. The discussion also highlighted India's efforts to promote financial services and investment in the Gujarat International Finance Tec-City (GIFT IFSC) and the UK's commitment to supporting these endeavours.
One of the key highlights of the dialogue was the announcement of the "India-UK Infrastructure Finance Bridge," a collaborative initiative aimed at harnessing expertise and investment to support India's National Infrastructure Pipeline. This initiative signifies a mutual commitment to fostering infrastructure development.
Additionally, the dialogue emphasized knowledge exchange, cooperation, and support between the two nations in various areas, including infrastructure development, FinTech partnership, and sustainable finance, all aligned with long-term growth objectives.
The dialogue concluded with the adoption of a Joint Statement by Sitharaman and Hunt, underscoring the shared vision for economic and financial cooperation between India and the UK.
Representatives from India's Ministry of Finance, Ministry of External Affairs, Reserve Bank of India, Securities and Exchange Board of India, and the International Financial Services Centres Authority were in attendance. They were joined by counterparts from the UK Treasury, the Bank of England, and the Financial Conduct Authority.
In addition to the EFD, ministers from both countries participated in the India-UK Financial Partnership (IUKFP) meeting, co-chaired by Uday Kotak and Bill Winters. This meeting involved key business leaders from India and the UK, as well as representatives from financial regulators. Discussions at the IUKFP meeting encompassed policy papers and ideas for fostering deeper financial exchange and collaboration between India and the UK.
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