TheCityUK provides the UK secretariat of the India-UK Financial Partnership (IUKFP) at the request of HM Treasury. The purpose of the IUKFP is to increase collaboration between the financial sectors of India and the UK.
The Chancellor of the Exchequer and the Indian Finance Minister launched the IUKFP at the UK-India Economic and Financial Dialogue (EFD) in July 2014 with the aims of increasing trade and investment flows, and supporting policy reform. The Partnership works to achieve this by developing policy insights and practical recommendations on a variety of topics that are aligned to the priorities of the Governments of India and the UK. IUKFP activity also forms the financial services pillar of the UK-India CEO Forum.
The IUKFP is led on the UK side by Bill Winters CBE, Group Chief Executive of Standard Chartered, and on the India side by Uday Kotak, Managing Director and CEO of Kotak Mahindra Bank. Members of the partnership include around 30 business leaders, on each side, as well as senior officials from the Ministry of Finance, the Reserve Bank of India and regulators from India, and HM Treasury, the Bank of England and the Financial Conduct Authority from the UK.
Policy discussion papers with key recommendations have been published on the following issues:
pensions
India’s insolvency regulations
infrastructure funding
development of India's corporate bond market
development of the reinsurance industry in India
financial inclusion
responsible shareholder engagement: an Indian Stewardship Code
internationalisation of the Indian Rupee
developing India’s green finance market
developing GIFT City into a Global Services Hub
harnessing the power of FinTech and data.
Priorities of the IUKFP:
deepening networks between Indian and UK business and policymakers
providing industry input into bilateral government engagement
enhancing cross-border trade and investment
exploring opportunities for mutual understanding and knowledge sharing.
Recent activities:
We launched the IUKFP Capital Market Connectivity report, which set out practical recommendations to strengthen bilateral equity capital market connectivity, including through cross-listings between Indian and UK stock exchanges.
We organised a senior IUKFP delegation to Delhi and Mumbai. The delegation met regulators and the Ministry of Finance to advocate for progress on key priorities and hear directly from businesses about emerging growth opportunities.
In April, TheCityUK signed a Memorandum of Understanding with the UK India Business Council to strengthen connectivity between the financial and related professional services sectors in both markets.
In May, three new IUKFP workstreams were launched, covering AI and innovation in financial services, green and sustainable finance, and asset management and investment. These workstreams will support deeper collaboration between the UK and India.
In July, the IUKFP Senior Committee met to discuss preparations for the 14th UK–India Economic and Financial Dialogue and agree priorities for the three new workstreams.
Our India work programme is closely aligned to our Liberalisation of Trade in Services (LOTIS) Committee. Through it we guide the industry’s objectives for trade and investment policy, including priorities for the UK’s bilateral trade and investment relationship with India.
For more information about our India work programme please contact us.