The 11th India-United Kingdom Economic and Financial Dialogue was held virtually on Thursday. Finance Minister Nirmala Sitharaman and the UK Treasury Chancellor Rishi Sunak co-chaired the meeting.
The Indian delegation included Governor of Reserve Bank of India Governor, Chairman of Securities and Exchange Board of India, Chairman of International Financial Services Centres Authority, Secretary of Department of Economic Affairs and other representatives from Ministry of Finance, Ministry of External Affairs and Indian High Commission, UK.
The UK delegation included Governor Bank of England, Chief Executive Officer of Financial Conduct Authority, Economic Secretary and other representatives from UK, HMT.
The Dialogue covered discussions on economic cooperation on multilateral issues, including G-20 and COP-26. Both sides deliberated on furthering of Financial Services collaboration with special emphasis on Fin-Tech and GIFT City, annual India-UK Financial Market Dialogue and measures underway to reform financial markets. Infrastructure development and promotion of sustainable finance and climate finance were also discussed.
Private sector initiatives under India-UK Financial Partnership and India-UK Sustainable Finance Working Group including its progress were also discussed. The Climate Finance Leadership Initiative India partnership was launched today by both sides which aims to work with financial institutions, corporates, and existing sustainable finance initiatives to accelerate efforts to mobilise capital into India. Both sides agreed to continue to work together to mobilise finances through multilateral and private means and sharing relevant experience, including of the UK’s upcoming sovereign green bond issuance.
The 11th Economic and Financial Dialogue concluded with adoption of Joint Statement by Union Finance Minister and Chancellor of Exchequer of United Kingdom and release of the Joint Statement on Climate Finance Leadership Initiative India partnership.