Dynamite News UK, India look to boost economic ties, secure FTA
The UK Chancellor of the Exchequer Rachel Reeves held talks with Indian Finance Minister Nirmala Sitharaman as part of the 13th UK-India Economic and Financial Dialogue (EFD) in London
New Delhi: The UK Chancellor of the Exchequer Rachel Reeves held talks with Indian Finance Minister Nirmala Sitharaman as part of the 13th UK-India Economic and Financial Dialogue (EFD) in London on Wednesday, as the two countries look to strengthen economic ties and secure a Free Trade Agreement and Bilateral Investment Treaty.
Rachel Reeves, Chancellor of the Exchequer, said: “In a changing world, it is imperative we go further and faster to kickstart economic growth. We have listened to British businesses, which is why we’re negotiating trade deals with countries across the world, including India.
“Our relationship with India is longstanding and broad and I am delighted with the progress made throughout this dialogue to develop it further.”
The EFD saw the signing of a joint statement unlocking cooperation across a range of business sectors, including defence, financial services, education and development, and strengthened governmental collaboration across growth, economic resilience and international financial issues.
At the London Stock Exchange today, the Chancellor and her Indian counterpart set out plans to generate growth, improve Financial Services ties and deepen policy cooperation on the UK Industrial Strategy, tax, sustainable finance and illicit finance, a UK High Commission statement said
The total commercial package from this dialogue is made up of new announcements worth pounds 128 million in export deals and investments, as well as recent deals worth pounds 271 million.
Paytm, India’s largest digital payment app, announced plans to invest in the UK to accelerate access to affordable digital payments and credit for small businesses.
Barclays Bank PLC India announced on 18 March a further capital injection of over pounds 210 million into its Indian operations, affirming its long-term commitment to India. This capital investment will grow its businesses across the Investment and Private Banking in India.
HSBC Bank will expand its presence from the current 14 cities to 34 cities in India. This significant expansion will enable the bank to cover approximately 95% of India’s wealth market, reinforcing their commitment to India.
Standard Chartered Bank today announced that it has shifted to larger office premises at GIFT City, reinforcing its long-term commitment to India’s premier international financial services hub.
Mphasis, an Indian tech business, are setting up a quantum centre of excellence in London and exploring an office in Nottingham which will support 100 jobs.
British International Investment Plc (BII) is committing $10 mn to the agritech start up, Grow Indigo, to pilot an innovative carbon credit programme to promote regenerative agricultural practices in India.
WNS, a global digital-led business transformation services company founded in India with a $2.7 billion market cap, will expand their London HQ presence with a new office and open a state-of-the-art AI design hub to expand the UK’s AI and digital talent pool to drive growth and create jobs.
Revolut announced that they are gearing up for launch in India later this year, following authorisation this week from Reserve Bank of India.
UK firm Wise announces plans to open a new office in Hyderabad, India as part of broader mission to transform the trillion-pound international money movement market.
Prudential’s announcement of launching their first fully owned global services hub in Bengaluru and third joint venture in India establishing a standalone health insurance business.
British International Investment invest $15 mn investment in vehicle dedicated to investing in India based on inclusion-focused early-stage companies.
The UK welcomes India paving the way to allow Indian companies to list internationally and exploring listing at the London Stock Exchange. The India-UK Financial Partnership published its report ‘Catalysing Bilateral Growth: Connecting India and the UK’s Equity Capital Markets report’.
Coventry University announced that it is set to become the first English university to be granted a licence to open a campus in India, as UK universities are being granted licences to open a campus in India’s new GIFT city.
The London School of Economics announced that Tata Trusts is continuing its enduring partnership with LSE by awarding a Corpus Grant to support scholarships for Indian students at the School.
Agreement for both sides to continue excellent collaboration as co-chairs of the G20’s Framework Working Group and to work closely together to promote discussion and build consensus around responses to risks to the global macroeconomic outlook.
New ambitions set for joint investments in green enterprises, tech start-ups and climate adaptation building on the success of the UK-India Green Growth Equity Fund (GGEF).
Secretary of State for Business and Trade Jonathan Reynolds and Minister Sitharaman also hosted a business roundtable, bringing together key leaders from the financial and professional business services sectors including Tide, HSBC, Aviva, Vodafone, WNS, and Mizuho International. Attendees recognised the strength of the economic relationship between the UK and India, as well as the opportunity for closer collaboration – including through an ambitious trade deal.
Areas for collaboration on defence were also identified, as both sides looked forward to the finalisation of the India-UK Defence Industrial Roadmap, set to strengthen ties between industrial sectors and integrate supply chains.
Secretary of State for Business and Trade Jonathan Reynolds said: “I was delighted to meet with Minister Sitharaman, hear from businesses, and discuss how we can strengthen the strong economic bonds between our two nations.
“Both the UK and India are committed to delivering economic growth and giving businesses the confidence and stability they need to expand."
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