India-UK hold 12th Economic and Financial Dialogue (EFD)

The 12th Round of the Ministerial India-UK Economic and Financial Dialogue (EFD) took place today in New Delhi. The Indian delegation was headed by Smt. Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs, while the U.K. delegation was led by Rt. Hon. Mr. Jeremy Hunt, MP, Chancellor of the Exchequer, U.K. This dialogue serves as an important platform for discussions and cooperation between India and the United Kingdom on economic and financial matters.

About the 12th Economic and Financial Dialogue (12th EFD)

During the 12th Round of the Ministerial India-UK Economic and Financial Dialogue (EFD), India and the UK reaffirmed their commitment to strengthening their collaboration in the field of Financial Services. They aim to leverage each other’s strengths to promote financial inclusion and sustainable development, recognizing the significance of these goals for both nations.

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There was a positive outlook regarding India’s efforts to promote financial services and investment in GIFT IFSC (Gujarat International Finance Tec-City International Financial Services Centre) and the UK’s commitment to support these endeavors.

The dialogue also emphasizes:

Knowledge Exchange: Enhancing knowledge exchange, cooperation, and support between India and the UK to advance infrastructure development priorities, foster a robust FinTech partnership, and promote Sustainable Finance in line with long-term growth objectives.
Macroeconomic and Multilateral Cooperation: Both countries discussed mutual cooperation on macroeconomic and multilateral issues, reflecting their commitment to addressing global challenges.
India-UK Infrastructure Finance Bridge: The announcement of the India-UK Infrastructure Finance Bridge, a collaborative initiative aimed at harnessing expertise and investments to support India’s National Infrastructure Pipeline.

The dialogue concluded with the adoption of a Joint Statement by the Union Finance Minister of India and the Chancellor of the Exchequer of the United Kingdom, highlighting their shared commitment to fostering economic and financial cooperation for mutual benefit.

India-UK Financial Partnership (IUKFP)

As part of the Ministerial India-UK Economic and Financial Dialogue, the ministers also took part in the India-UK Financial Partnership (IUKFP) meeting. This meeting was co-chaired by Mr. Uday Kotak and Mr. Bill Winters and involved key business leaders from India and the UK, as well as representatives from financial regulators in both countries.

The IUKFP meeting encompassed discussions on various policy papers and explored ideas for enhancing financial exchange and collaboration between India and the UK. It provided a platform for stakeholders to engage in meaningful dialogue and cooperation within the financial sector, aiming to strengthen ties and promote mutual benefits.

Shubham Mittal

Shubham Mittal is a renowned current affairs writer and expert in government exam preparation, inspiring readers with insightful articles and guiding aspirants with his expertise.

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