India and UK Strengthen Financial Ties at 12th Economic and Financial Dialogue in New Delhi
- Posted on September 12, 2023
- News
- By Sakshi Gupta
- 132 Views
India and the United Kingdom convened the 12th
Ministerial India-UK Economic and Financial Dialogue (EFD) in New Delhi. The
meeting, attended by high-ranking officials, aimed to enhance their financial
services partnership, promote financial inclusion, and support sustainable
development goals.
The Indian delegation, led by Smt. Nirmala
Sitharaman, Union Minister for Finance and Corporate Affairs, met with the UK
delegation, headed by Rt. Hon. Mr. Jeremy Hunt, MP, Chancellor of the
Exchequer, UK. Both sides expressed optimism about India's efforts to encourage
financial services and investment in the GIFT IFSC (Gujarat International
Finance Tec-City International Financial Services Centre) and the UK's
commitment to supporting these initiatives.
One of the key outcomes was the announcement of
the India-UK Infrastructure Finance Bridge, a collaborative initiative designed
to leverage expertise and investment to bolster India's National Infrastructure
Pipeline.
The dialogue aimed to facilitate information
exchange, cooperation, and assistance between the two nations to advance
infrastructure development, foster a strong FinTech partnership, and promote
Sustainable Finance to achieve long-term growth goals. Additionally, both
countries discussed mutual cooperation on macroeconomic and multilateral
issues.
The Joint Statement adopted at the conclusion
of the dialogue signifies the commitment of both India and the UK to
strengthening their economic ties and fostering growth and development.
The meeting saw participation from various
Indian government bodies, including the Ministry of Finance, the Ministry of
External Affairs, the Reserve Bank of India, the Securities and Exchange Board
of India, and the International Financial Services Centres Authority. On the UK
side, representatives from the UK Treasury, the Bank of England, and the
Financial Conduct Authority were present.
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