The financial services sector offers an exciting prospect of closer trade between India and the UK with a free trade agreement (FTA) being negotiated between the two countries, according to UK Chancellor Rishi Sunak.
In an interaction with journalists ahead of the India Global Forum’s UK-India Awards celebrating the success of the Indian diaspora in the UK-India corridor on Friday, Britain’s Indian Cabinet Minister said he saw huge opportunities for both countries in areas such as fintech and welcomed the opening of the Indian insurance market.
The Minister also expressed confidence in the Diwali timing for a draft FTA to be ready.
There is good progress being made and I think one of the exciting things for me in my role is financial services, he told PTI.
Financial services is an area where there are huge opportunities for both of our countries. India’s goal is to spread insurance throughout the economy because insurance is a great thing to enable people’s protection and growth. We can help you in the UK because we have a fantastic insurance industry. And little by little, we have been able to provide more of these products, services and expertise to Indian businesses, citizens and businesses, he said.
He also touched on India’s plans for a sovereign green bond and the UK having been through this trip would like to help India raise this capital.
It builds on a tradition that we help bring capital to India from all over the world, as one of the defining capital movements of our times will be the flow of capital from the west to growing India. fast. It is an incredibly exciting and meaningful event. And the UK can really help be the place that enables India to access the largest pool of capital on the best possible terms to drive its growth, he said.
In the interaction with the Indian Journalists Association (IJA), the Senior Cabinet Minister said that he was very much in favor of India playing an increasingly influential role in the region, and in fact, in the world as a massive economy and the largest democracy in the world and an FTA would prove a greater champion of this cause.
The British-born, 42-year-old minister of Indian origin, who said he looked forward to visiting India soon with his family, also underlined the important role that the Indian diaspora must play in strengthening a partnership of equals between the two countries.
The UK does not have a monopoly on opportunities. There are so many opportunities in India, we also want to make sure that if this living bridge becomes a reality, we need to make it easier for people in the UK to get to India, to study in world-class institutions to go working in all these amazing start-ups, he said.
The minister highlighted reforms to the visa system to make it easier for talented Indians to come to the UK and said there are now several categories open to talented Indians, including the new high potential individual visa.
Our plan over time is to expand what we consider to be markers of high potential individuals. Thus, the eligibility criteria for this visa will expand over time. But this visa applies to people at the university. So, this will benefit Indian nationals, it is an incredibly generous and powerful visa that will benefit Indian citizens studying in any of these countries. [global] universities,” he says.
And, when asked if he considered himself the UK’s first British Indian Prime Minister, he spoke of Britain’s openness and tolerance that someone like him was the incumbent of 11 Downing Street in one of the highest posts in the British government. .
We need to make sure this is not the end of the British Indian story. We can do much more. We can do much more. And that’s why I’m really excited about the future,” said Sunak, son-in-law of Infosys co-founder Narayana Murthy.
(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)