India and the United Kingdom (UK) held the inaugural meeting of the India-UK Financial Markets Dialogue (‘the Dialogue’) virtually on July 9, 2021. The Dialogue was established at the 10th Economic and Financial Dialogue (EFD) in October 2020 to deepen bilateral ties in the financial sector.
Financial Cooperation is one of the key pillars of the 2030 Roadmap adopted by the two countries during the recent meeting of the two Prime Ministers and the India-UK Financial Market Dialogue is one of the key elements of this Financial Cooperation.
As two services driven economies, both sides agreed there is significant scope for strengthened financial services cooperation between India and the UK.
The Dialogue focused on four themes: (1) GIFT (Gujarat International Finance Tec-City) City, India’s flagship international financial centre, (2) banking and payments, (3) insurance, and (4) capital markets.
Finally, the City of London Corporation India-UK Capital Markets Working Group presented its recommendations from its recently published paper on ‘Unleashing the potential of the Indian Debt Capital Markets’.
The report focused on enhancing the Indian Debt Capital markets ecosystem, as well as making it easier for Indian companies to raise capital internationally – to support India’s growth potential, infrastructure needs and enhancing the country’s sustainable energy capacity.