12th India -United Kingdom Economic and Financial Dialogue held in New Delhi
Summit and Conference
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The 12th ministerial India-United Kingdom (UK) Economic and Financial Dialogue was held in New Delhi on 11 September 2023 . The Indian delegation was led by the Union Minister for Finance and Corporate Affairs Nirmala Sitharaman. The UK side was led by the Chancellor of Exchequer (finance minister) Jeremy Hunt.
The dialogue follows the conclusion of the 18th G20 Summit held in New Delhi from September 9-10 ,2023.
Both the Ministers also participated in the India-UK Financial Partnership (IUKFP) meeting co-chaired by Uday Kotak and Bill Winters.The India-UK Financial Partnership meeting was held on the sidelines of the ministerial meeting.
Important announcement made at the meeting
Finance Minister Sitharaman announced the launch of the UK-India Infrastructure Financing Bridge. It is a collaborative effort of NITI Aayog and the City of London Corporation. This venture aims to leverage the collective expertise in planning and implementing major infrastructure projects of both nations.
Chancellor Jeremy Hunt announced that India will explore the London Stock Exchange as an international destination for the direct listing of Indian companies. Vedanta was the first Indian company to be listed on the London Stock Exchange in 2003.
Chancellor Jeremy Hunt also mentioned the establishment of a "pensions and insurance partnership" with India and the "deepening of partnership on the developmental GIFT City."
Gujarat International Financial Tech City(GIFT) is a Special Economic Zone (SEZ)which is being developed in Gandhinagar Gujarat . India’s first International Financial Service Center (IFSC) has been set up at GIFT city.
