UK and India Boost Financial Ties in Power-Packed London Dialogue
On 19 April, top brass from His Majesty’s Treasury and India’s Ministry of Finance met in London for the UK-India Financial Markets Dialogue (FMD). The talks aimed to turbocharge cooperation across financial services, covering banking, payments, crypto, insurance, capital markets, asset management, and sustainable finance.
Game-Changing Collaboration on the Cards
The FMD is a key pillar of the UK-India 2030 Roadmap. British and Indian investments already support nearly half a million jobs each in the other’s economy. India ranks as the UK’s second largest source of investment by project numbers.
Officials explored new frontiers, like swapping know-how on pension fund regulations and boosting cross-border trade through asset management. The dialogue also tackled G20 priorities, sustainable finance, and tighter capital market links. Both sides agreed to meet next year in India, following the upcoming Finance Ministers’ Economic and Financial Dialogue.
Top Officials Speak Out
Alex Ellis, British High Commissioner to India: “Closer, deeper and broader financial cooperation between the UK and India offers huge potential to deliver jobs and prosperity for people in both countries. The breadth of themes discussed in today’s Financial Markets Dialogue demonstrates that.”
“The UK Prime Minister and Chancellor have a clear plan to drive UK growth. India is one of the world’s fastest growing economies and today’s dialogue shows how growth in both economies can benefit each other. British banks were the first international banks in GIFT City, highlighting our deep ties. We’re also committed to a mutually beneficial free trade deal and working hard to secure it.”
FinTech and Data at the Forefront
The event featured business heavyweights launching a new paper: ‘Harnessing the Power of FinTech and Data’, from the India UK Financial Partnership (IUKFP). Co-chairs Bill Winters and Uday Kotak pledged to keep strengthening fintech, capital markets, and pensions links between the two nations.
Need to Know
- Read the official joint statement on the Financial Markets Dialogue
- Regulators involved: Reserve Bank of India, Securities and Exchange Board of India, International Financial Services Centre Authority, Insurance Regulatory and Development Authority of India, Bank of England, and the Financial Conduct Authority
- The UK-India Financial Markets Dialogue was launched in 2020 at the 10th Economic and Financial Dialogue by then-Chancellor Rishi Sunak and India’s Finance Minister Nirmala Sitharaman
