Nirmala Sitharaman discusses the successful financial partnership between India and the UK, focusing on green growth initiatives.

During a press conference, Finance Minister Nirmala Sitharaman highlighted the potential for collaboration between India and the UK in developing secure and inclusive financial intermediation frameworks.

Sitharaman spoke about the successful India-UK financial dialogue at the G20 Summit, specifically mentioning the achievements of the India-UK Green Growth Equity Fund as an example of effective public-private partnerships in sustainable finance.

She further discussed the collaboration between the two countries in the financial services sector, with the UK expressing interest in expanding its presence in the GIFT City IFSC and fostering a strong FinTech partnership. Sitharaman commended the progress made through the India-UK financial partnership, which has become a leading forum for dialogue across the financial sector involving both public and private sectors.

Given the transformative impact of emerging technologies like artificial intelligence and machine learning on financial services, as well as India’s Digital Personal Data Protection Act, Sitharaman emphasized the ample opportunities for India and the UK to collaborate on secure and inclusive financial intermediation frameworks.

She also mentioned the launch of the UK-India Infrastructure Financing Bridge, a joint initiative by NITI Aayog and the City of London Corporation aimed at leveraging expertise to plan and implement major infrastructure projects. Sitharaman expressed the commitment to collaborate, deliberate, and innovate to overcome challenges and seize opportunities for both nations.

Sitharaman and UK Prime Minister Rishi Sunak met at the G20 Summit to discuss mutual interests and areas of collaboration, while Prime Minister Narendra Modi held a bilateral meeting with Sunak to discuss the India-UK Free Trade Agreement and other initiatives to strengthen ties.