Finance Minister Sitharaman Meets with Leading British Investors During India-UK Economic Dialogue in London, Discussing Cooperation on GIFT City, Insurance, and the Digital Economy.
FM-Sitharaman in UK: India's Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman, is currently on an official visit to the United Kingdom, participating in the 13th India-UK Economic and Financial Dialogue (13th EFD). During the dialogue held in London on Wednesday, Sitharaman chaired the India-UK Investor Roundtable, bringing together approximately 60 investors from pension funds, insurance companies, banks, and other financial institutions.
Focus on Policy Cooperation and the 'New India' Vision
According to the Ministry of Finance, Sitharaman highlighted government policies promoting Ease of Doing Business, Regulatory Simplification, and Foreign Investment Promotion. She explained how these efforts are fostering a Sustainable Growth Framework driving the vision of 'New India'.
FM's Message to Investors: India is an Ideal Destination for Banking and Insurance Investments
Sitharaman stated that India offers significant opportunities for foreign banks in its banking sector. She projected that India could become the world's sixth-largest insurance market by 2032, exhibiting an average annual growth of 7.1% from 2024 to 2028. She described it as one of the fastest-growing insurance markets among G20 nations.
India's Capital Market and the Significance of GIFT-IFSC
Sitharaman also highlighted that India is the first major market globally to fully adopt the T+1 Settlement Cycle. India's market capitalization has reached $4.6 trillion, placing it fourth globally. She underscored the importance of GIFT-IFSC, an offshore financial center developing with features like international tax benefits, a skilled workforce, and a strategic location.
India's Leading Role in the Digital Economy
The FM noted that India's digital economy contributed 11.74% to the nation's GDP in 2022-23. She also mentioned that India ranks third globally in the number of unicorn startups, indicating the country's innovation capacity and investment opportunities.
Bilateral Meeting Between UK Chancellor and Indian FM
On the sidelines of the 13th EFD Dialogue, Sitharaman will hold bilateral talks with her British counterpart, Chancellor Rachel Reeves. The Chancellor stated that the British government prioritizes new trade agreements to ensure trade security and cooperation in the rapidly changing global landscape.
India-UK FTA to be a Key Discussion Point
Sitharaman's meeting with UK Trade Secretary Jonathan Reynolds is expected to discuss the India-UK Free Trade Agreement (FTA). This agreement is anticipated to significantly boost trade between the two nations.
High-Level Meetings During Austria Visit
The next leg of this official tour will be in Austria, where Sitharaman will meet with Austrian Finance Minister Marcus Marterbauer, Chancellor Karl Nehammer, and other senior leaders. In a joint session with Austrian CEOs, she will highlight emerging investment opportunities in India.
