NEW DELHI: Banking, insurance and capital markets remain key areas during the first India-UK financial markets dialogue on Thursday, as the country prepares to complete the foreign trade deal by end of this year.
The first meeting of the dialogue began with a government-to-government discussion focused on four themes: GIFT (Gujarat International Finance Tec-City), banking and payments, insurance and capital markets, the finance ministry said in a statement.
The two sides agreed to engage in these areas over the coming months, ahead of the next economic and financial dialogue, which is expected to take place later this year. Trade between India and the UK has more than doubled since the first DFS in 2007, with two-way investments supporting more than half a million jobs in the two countries. The economic ties between India and the UK are important because together they are two of the world’s top seven economies with a combined gross domestic product (GDP) of over $ 5,000 billion.
Thursday’s first dialogue was led by senior officials from India’s Ministry of Finance and the UK Treasury with the participation of independent regulators from India and the UK. The Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), International Financial Services Center Authority, Indian Insurance Regulatory and Development Authority, Bank of England and Financial Conduct Authority were the participating agencies in the event. .
A report presented at the meeting focused on improving the ecosystem of Indian debt capital markets, as well as the possibility for Indian companies to raise capital internationally – to support the potential growth, infrastructure needs and improvement of the country’s sustainable energy capacity.