Co-led by Indian public policy think tank NITI Aayog and the City of London Corporation, the India-UK Infrastructure Finance Bridge will focus on sharing expertise in structuring and financing major infrastructure projects.
The announcement came at the 12th Round of Ministerial India-UK Economic and Financial Dialogue in New Delhi.
The discussions were led by Indian finance and corporate affairs minister Nirmala Sitharaman and her UK counterpart Jeremy Hunt.
"There is definitely some discussion on the FTA...the key on both the sides is to conclude it as soon as possible," Sitharaman said at the conclusion of the dialogue.
Emerging technologies and India's new Digital Personal Data Protection Act offer ample opportunities for both sides to collaborate on frameworks for secure and inclusive financial intermediation, Sitharaman added.
Hunt appreciated the efforts being made for direct listing of Indian companies on the London Stock Exchange (LSE).
Both sides reiterated the commitment to deepen their collaboration on financial service, infrastructure development priorities, robust fintech partnership and sustainable finance towards long-term growth objectives, an official release from the Indian government said.
"Alongside that, there is a new Pensions and Insurance Partnership, the establishment of knowledge and expertise-sharing and the new UK Infrastructure Financing Bridge and a deepened partnership on the developmental GIFT City. So, we can really support each other's plans to strengthen the relationship and the way the next step of this is a comprehensive FTA and Bilateral Investment Treaty," Hunt said.
At the sidelines of the dialogue, the ministers also participated in the India-UK Financial Partnership meeting.
Total trade between the United Kingdom and India was worth £36.6 billion in the last fiscal, up by over 34 per cent year on year, with an £82 million increase in UK-Indian financial services trade over last year.
ALCHEMPro News Desk (DS)
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