£400m of trade and investment wins from UK-India Economic and Financial Dialogue set to boost the British economy.
- £400m of trade and investment wins set to boost the British economy and deliver economic growth and security for working people.
- Chancellor Rachel Reeves and Indian Finance Minister Nirmala Sitharaman announces joint statement unlocking cooperation across a range of business sectors.
- Business and Trade Secretary Jonathan Reynolds and Minister Sitharaman bring together key business leaders from both the UK and India to drive economic growth.
£400m of trade and investment wins are set to boost the British economy and deliver economic growth and security for working people as the government vows to back British business through uncertain global times.
Today (Wednesday 09 April), the Chancellor took part in the 13th UK-India Economic and Financial Dialogue (EFD), marking a significant moment in unlocking opportunities as the two countries look to strengthen economic ties and secure a Free Trade Agreement and Bilateral Investment Treaty.
Rachel Reeves, Chancellor of the Exchequer, said:
In a changing world, it is imperative we go further and faster to kickstart economic growth. We have listened to British businesses, which is why we're negotiating trade deals with countries across the world, including India, so we can support them and put more money in people's pockets as part of our Plan for Change.
Our relationship with India is longstanding and broad and I am delighted with the progress made throughout this dialogue to develop it further.
Today's EFD was Chancellor Reeves' first with India. It saw the signing of a joint statement unlocking cooperation across a range of business sectors, including defence, financial services, education and development, and strengthened governmental collaboration across growth, economic resilience and international financial issues.
The government is working to make Britain the best country in the world to do business, already bringing in more stability, offering an open trading economy and creating the right conditions for investment.
At the London Stock Exchange today, the Chancellor and her Indian counterpart set out plans to generate growth, improve our Financial Services ties and deepen policy cooperation on the UK Industrial Strategy, tax, sustainable finance and illicit finance.
The total commercial package from this dialogue is made up of new announcements worth £128m in export deals and investments, as well as recent deals worth £271m. This includes:
- Paytm, India's largest digital payment app, announced plans to invest in the UK to accelerate access to affordable digital payments and credit for small businesses.
- Barclays Bank PLC India announced on 18 March a further capital injection of over £210M into its Indian operations, affirming its long-term commitment to India. This capital investment will grow its businesses across the Investment and Private Banking in India.
- HSBC Bank will expand its presence from the current 14 cities to 34 cities in India. This significant expansion will enable the bank to cover approximately 95% of India's wealth market, reinforcing their commitment to India.
- Standard Chartered Bank today announced that it has shifted to larger office premises at GIFT City, reinforcing its long-term commitment to India's premier international financial services hub.
- Mphasis, an Indian tech business, are setting up a quantum centre of excellence in London and exploring an office in Nottingham which will support 100 jobs.
- British International Investment Plc (BII) is committing $10m to the agritech start up, Grow Indigo, to pilot an innovative carbon credit programme to promote regenerative agricultural practices in India.
- WNS, a global digital-led business transformation services company founded in India with a $2.7bn market cap, will expand their London HQ presence with a new office and open a state-of-the-art AI design hub to expand the UK's AI and digital talent pool to drive growth and create jobs.
- Revolut announced that they are gearing up for launch in India later this year, following authorisation this week from Reserve Bank of India.
- UK firm Wise announces plans to open a new office in Hyderabad, India as part of broader mission to transform the trillion-pound international money movement market.
- Prudential's announcement of launching their first fully owned global services hub in Bengaluru and third joint venture in India establishing a standalone health insurance business.
- British International Investment invest $15m investment in vehicle dedicated to investing in India based on inclusion-focused early-stage companies.
- The UK welcomes India paving the way to allow Indian companies to list internationally and exploring listing at the London Stock Exchange. The India-UK Financial Partnership published its report 'Catalysing Bilateral Growth: Connecting India and the UK's Equity Capital Markets report'. The report aims to lay the foundation for advancing capital account connectivity and strengthening confidence in both markets and will be presented following the EFD.
- Coventry University announced today that it is set to become the first English university to be granted a licence to open a campus in India, as UK universities are being granted licences to open a campus in India's new GIFT city. And the London School of Economics announced that Tata Trusts is continuing its enduring partnership with LSE by awarding a Corpus Grant to support scholarships for Indian students at the School.
- Agreement for both sides to continue excellent collaboration as co-chairs of the G20's Framework Working Group and to work closely together to promote discussion and build consensus around responses to risks to the global macroeconomic outlook.
- New ambitions set for joint investments in green enterprises, tech start-ups and climate adaptation building on the success of the UK-India Green Growth Equity Fund (GGEF).
Secretary of State for Business and Trade Jonathan Reynolds and Minister Sitharaman also today hosted a business roundtable, bringing together key leaders from the financial and professional business services sectors including Tide, HSBC, Aviva, Vodafone, WNS, and Mizuho International. Attendees recognised the strength of the economic relationship between the UK and India, as well as the opportunity for closer collaboration - including through an ambitious trade deal.
Areas for collaboration on defence were also identified, as both sides looked forward to the finalisation of the India-UK Defence Industrial Roadmap, set to strengthen ties between industrial sectors and integrate supply chains.
Secretary of State for Business and Trade Jonathan Reynolds said:
I was delighted to meet with Minister Sitharaman, hear from businesses, and discuss how we can strengthen the strong economic bonds between our two nations.
Both the UK and India are committed to delivering economic growth and giving businesses the confidence and stability they need to expand.
That is why we are continuing to negotiate towards an ambitious trade deal that unlocks opportunities both at home and abroad for British businesses and supports our Plan for Change.
The UK and India have strong economic, cultural, and education links, with India being a key trading partner for the UK with over £40bn worth of UK-India trade last year alone. The UK's long-standing programme of EFDs with India is the critical forum to deliver continuous economic gains over time.
The EFD follows a recent visit to Delhi by Jonathan Reynolds, the Secretary of State for Business and Trade, which relaunched UK-India trade negotiations.
Keshav R. Murugesh, Group CEO, WNS said:
The UK and India stand as natural partners, and this re-energized trade and investment relationship marks a pivotal stride in our already strong alliance. The potential before us is immense. By formalizing our collaboration in pioneering fields like AI, we will not only fuel innovation and generate high-skilled jobs in both our nations, but also solidify our joint leadership in this transformative era. This is indeed a thrilling chapter for the UK-India partnership.
Bill Winters, Group Chief Executive, Standard Chartered said:
In the face of global developments, it is imperative that we think creatively and act in partnership. The UK and India's focus on strengthening financial ties and deepening cooperation between our governments, regulators, industry leaders and experts, plays an important role in driving economic progress, setting global benchmarks for stability and innovation and paving the way for greater trade and investment in both countries.
The Rt Hon The Lord Mayor of London, Alderman Alastair King,
We had a highly constructive discussion with Hon. Minister Nirmala Sitharaman and The Rt. Hon. Jonathan Reynolds, joined by leaders from across the financial services sector. There is a strong, shared commitment to deepen our economic partnership and drive greater prosperity-particularly in key areas such as green finance, infrastructure investment, and fintech.
Global trade is entering a new era, where strategic alliances and trade agreements are more crucial than ever. As we look ahead to the UK-India Economic and Financial Dialogue and continue FTA negotiations, our focus remains on sustaining momentum and delivering tangible outcomes in the months to come."
David Schwimmer, CEO, LSEG said:
LSEG is honoured to host the 13th UK-India Economic and Financial Dialogue at the London Stock Exchange as part of our continued support for initiatives that promote collaboration and connectivity between UK and Indian financial markets. Through deepened partnership, the governments and regulators from both countries can help to build an environment which delivers real benefits to their financial markets and economies.
