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India, UK launch infra finance bridge
The two countries have also agreed to conduct investment negotiations in parallel with the goods negotiations to conclude their free trade agreement (FTA) talks.
India and the UK have launched an infrastructure financing bridge to plan and implement major infrastructure projects, finance minister Nirmala Sitharaman said on Monday.
The two countries have also agreed to conduct investment negotiations in parallel with the goods negotiations to conclude their free trade agreement (FTA) talks.
The Indian government has also confirmed with the UK government its plans to consider allowing Indian companies to list on exchanges overseas, said UK’s chancellor exchequer Jeremy Hunt, who along with Sitharaman addressed the media during the 12th India-UK Economic and Financial Dialogue.
Indian businesses are currently not permitted to list directly on international exchanges. However, they can list on international exchanges using instruments like depository receipts.
Sitharaman said India and the UK want to conclude the FTA talks “as soon as possible.”
The infrastructure financing bridge, a collaboration between the Niti Aayog and City of London Corporation, aims to harness their expertise to implement major infrastructure projects.
“We remain committed to collaborate, deliberate and innovate to navigate the challenges, and seize the opportunities that lie ahead for both nations.”
She said the UK is also interested in increasing its presence in GIFT city. “We are highly encouraged by the intensified collaboration between India and the UK in the area of financial services.”
UK’s Hunt said that he viewed India as Asia’s Silicon Valley, and the UK as Europe’s Silicon Valley, and there’s “a huge amount of work we can do together.”
Sitharaman said there are ample opportunities for India and the UK to collaborate on frameworks for secure and inclusive financial intermediation especially in emerging technologies such as artificial intelligence and machine learning that are redefining financial services apart from India’s new Digital Personal Data Protection Act.
The Digital Personal Data Protection Act, 2023 recognises the rights of individuals to protect their personal data and the need to process personal data for lawful purposes.
Prime Minister Narendra Modi met his UK counterpart Rishi Sunak on Saturday, during the latter’s first visit to India as PM, on the sidelines of the G20 Summit in New Delhi.
Both leaders have also reviewed the progress of Free Trade Agreement negotiations and expressed hope that the remaining issues could be addressed at the earliest.
“We are particularly pleased to make a big step forward to make a first confirmation by India that it will explore the London Stock Exchange as an international destination for the direct listing of Indian companies,” Hunt said.The new pension and insurance partnership will boost cross-market investments, Hunt added.
A joint statement which has later released said: “The primary objective of this collaboration is aimed at unlocking infrastructure investment and leveraging the City of London’s expertise in structuring and phasing major infrastructure projects.”
The statement said that both sides noted the critical role of a strong pensions sector in delivering safe retirement incomes and supporting economic growth through productive investment, including in green infrastructure.
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First Published:11 Sep 2023, 11:36 PM IST
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