London:
Finance Minister Nirmala Citraman has chaired an Indo-UK investor Round Table in London, which is attracted to about 60 UK investors representing various pension funds, insurance companies, banks and other financial institutions.
According to the Finance Ministry, on Tuesday evening, the high-level roundateable underlined the government’s priorities to enable continuous economic growth and investment opportunities, giving shape to the policy support “New India”.
This highlighted the efforts being made by the Ministry to further the process and governance reforms and to reduce compliance burden and reduce regulation for the convenience of a competent environment for business and investment.
“India provides a compelling development opportunity for foreign banks and the Government of India is actively encouraging foreign investment in the banking sector,” Ms. Sitarman told the gathering.
With an extended middle class and strong and stable policy environment, the Union Finance Minister said that India is ready to become the sixth largest insurance market by 2032, which is one of the fastest growing insurance markets among 20 countries, with the expected increase on 2024-2028 to 7.1 percent CAGR, the Ministry of Finance Text.
Ms. Sitarman also informed the investors that the Indian Securities Market is one of the first major markets to fully adopt the T1 settlement in early 2023, and India’s market capitalization is $ 4.6 trillion, currently globally fourth.
T1 disposal means that trades are fixed a commercial day after the transaction date.
“The Union Finance Minister spoke in length about India’s first International Financial Services Center gift-IFSC-a offshore sector with a competent ecosystem with a competent ecosystem ended with a lot of tax exemption, skilled manpower, foreign currency transactions and strategic geographical locations,” said the ministry.
The gathering was informed that by March 2025, more than 800 institutions have been registered with IFSCA in banks, capital markets, insurance, fintech, aircraft leasing, ship leasing, bullion exchange.
Underlining India’s digital economy as an important contributor in its economic growth, accounting for 11.74 percent of GDP in 2022-23, Ms. Sitharaman informed the participants that India is third at the world level in terms of “Homegron Unicorn number”.
He flagged India for a strong fintech ecosystem run by a large technology-loving population, auxiliary government policies and an innovative startup ecosystem.
The region has seen a rapid growth in Fintech over the last five years, as is clear at the rate of 87 percent adoption than 64 percent of the global average of the global avera of the global average and 15 percent of the shares.
The ministry said, “The participants shared their views on the reforms followed by the government and responded to the current policy structure. They also spoke about their deep interest and commitment for intensive and wide-based investment cooperation between Britain and India.”
Ms. Sitarman, Union Minister for Central Finance and Corporate Affairs, on Wednesday, the 13th Minister is on a visit to the UK for the Economic and Financial Dialogue (EFD), when he will hold bilateral talks with his British counterpart-Channel Raves.
Reeves said in a statement before EFD, “In a changing world, this government is intensifying trade deals with the rest of the world to refund the British business and provide security to working people.”
“We are going ahead, working to reduce the obstacles for business and make the best possible conditions for British business. That is why Business Secretary [Jonathan Reynolds] And I am meeting with Nirmala Sitarman, the Finance Minister of India, today as part of the economic and financial dialogue of our two countries, as we want to secure a new business deal, ”he said. Reeves said that how to meet the capacity in various fields to create a job, investment and business opportunities for the subject negotiations of development and global issues.
The talks of the ongoing India-UK Free Trade Agreement (FTA) during the meeting of Ms. Sitarman with Reynolds are in mind.
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