Indian companies could now be listed on the London Stock Exchange, as per a joint statement that followed the India-UK Economic and Financial Dialogue in the national capital on Monday.
On the heels of the G20 Summit in New Delhi, the United Kingdom and India also sealed a new initiative called the UK-India Infrastructure Financing Bridge to further harness "collective expertise in planning and implementing major infrastructure projects".
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"We are particularly pleased to have made a big step forward with the first confirmation by India that it will explore the London exchange as an international destination for the direct listing of Indian companies," said Jeremy Hunt, chancellor of the exchequer of the United Kingdom.
On the new Infrastructure Financing Bridge, Finance Minister Nirmala Sitharaman explained that it would be a collaborative venture co-led by Niti Aayog and City of London Corp., to work together on planning and implementing major infrastructure projects.
In the joint statement, Sitharaman also referred to the green growth equity fund between the two countries that was launched in 2017, which aims to leverage private sector investment from the City of London for green investment in infrastructure projects in India.
"The success of the UK-India Green Growth Equity Fund is a testament to the efficacy of public-private partnerships in channelling large-scale, sustainable finance and building our partnership. We will continue to explore new avenues of investment in shared priority sectors," Sitharaman said.
Hunt's statement also noted a 'new pensions and insurance partnership', a deepened partnership on the development of GIFT City, and an intention to ink a free trade agreement between the two countries. The next step in deepening the India-UK relationship is a free trade agreement, he said.
There were discussions on investment aspects of the FTA, which falls under the Finance Ministry, and there is an intention on both sides to expedite the discussions, Sitharaman said.
"We have agreed to have investment negotiations run parallel to goods and services trade negotiations and will be looking at points of convergence and points where it needs further discussion," the minister said.
"EFD shows the depth and breadth of our relationship, but also the real ambition for the future that we should solidify into tangible outcomes as two of the world's most resilient and significant democracies," Hunt said.
The Annual Economic and Financial Dialogue included discussions on macroeconomic and multilateral issues, financial services, trade, infrastructure, investments, and green financing, according to a post by the Finance Ministry on X.
Hunt said he was proud of the progress under EFD and looked forward to the 13th annual Economic and Financial Dialogue meeting.
Source: Finance Ministry Handle on X
The EFD saw a continuation of the G20 discussion on digital payments too, which Sitharaman stated was an 'ongoing discussion'.
Reserve Bank of India Executive Director Vivek Deep told BQ Prime in New Delhi on Sunday that 20–25 countries had expressed an interest in India's Unified Payments Interface as part of the G20 deliberations.
PM Modi And Rishi Sunak To Hold Another BilateralÂ
The EFD discussions also follow a bilateral meeting between Prime Minister Narendra Modi and his UK counterpart Rishi Sunak on Saturday, where the progress on the India-UK FTA was reviewed and a hope of expediting it was expressed.
The meeting reviewed progress on diverse areas of bilateral cooperation as per the India-UK Comprehensive Strategic Partnership as well as the Roadmap 2030, particularly in the economy, defence and security, technology, green technology, climate change, health, and mobility sectors, according to a press release by the Ministry of External Affairs.
"Both leaders also reviewed the progress of Free Trade Agreement negotiations and expressed hope that the remaining issues could be addressed at the earliest, so that a balanced, mutually beneficial, and forward-looking Free Trade Agreement is concluded soon," it said.
The Prime Minister also invited UK PM Sunak for a bilateral visit at an early, mutually convenient date for a more detailed discussion, which was accepted, the release said.
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