India-UK Financial Partnership: First meeting with Indian Finance Minister

The first private sector meeting between the co-Chairmen of the India-UK Financial Partnership, Sir Gerry Grimstone (Chairman of TheCityUK and Standard Life) and Mr Uday Kotak (Executive Vice Chairman and Managing Director of Kotak Mahindra Bank), and the Indian Finance Minister, Arun Jaitley, took place yesterday (Monday 8 December) in Delhi.

The Partnership has been established to strengthen cooperation and links between the UK and India – in particular the financial centres of London and Mumbai.

According to Sir Gerry Grimstone, the meeting was a key milestone in progressing the work-streams of the Partnership and securing the support of the Indian government:

Today’s meeting with Mr Jaitley agreed the way forward for the India-UK Financial Partnership, specifically how we can identify and progress the key priorities that will mutually benefit both countries.

A group of industry leaders and experts from each country will now meet to move this work forward and collaborate on the most appropriate next steps.

The India-UK Financial partnership will focus on five core work-streams:

  • Development of corporate bond market
  • Mutual sharing of expertise on financial sector and market regulation
  • Enhancing financial training and qualification
  • Financial inclusion
  • Cross-border provision of financial and insurance services

The following three areas will also be considered:

  • Pensions
  • Internationalization of the Rupee
  • Infrastructure funding

 

Sir Gerry said,

The India-UK Partnership has been established at a time when the Indian government has set out an agenda for economic change and the UK wants to be India’s partner of choice on this journey. The Indian government is keen for the Indian people to all share and benefit from economic prosperity and we hope the Partnership can help to progress this goal. 

The UK and India already have strong economic links and the intention is for us to strengthen those by sharing our expertise and practical policy suggestions on how reform can be delivered and, in the process, learn from India in areas such as financial and social inclusion.