New Delhi [India], Apr.5 (ANI): British Chancellor of the Exchequer and Member of Parliament Philip Hammond will be on a two-day official visit to India beginning on Wednesday to carry forward the relationship between both sides.
In tune with Prime Minister Narendra Modi’s ‘Make in India’ initiative, Hammond will set out how the UK is perfectly placed to become New Delhi’s leading finance partner.
The Chancellor is leading a high-level business delegation including Governor of the Bank of England Mark Carney, Commercial Secretary Baroness Neville-Rolfe and International Trade Minister Mark Garnier for talks in Delhi and Mumbai.
This visit is part of the annual UK-India Economic and Financial Dialogue and the Chancellor’s delegation includes some of the UK’s most experienced leaders in financial services and some of Britain’s most exciting FinTech entrepreneurs.
The UK is already the world’s largest exporter of financial services and the leading centre for FinTech.
India’s ambitious growth aspirations require it to develop its financial infrastructure and tap into global investors, with estimates suggesting that it needs over $1.5 trillion of capital in infrastructure investment alone in the coming years.
The UK and London are, therefore, perfectly placed to be India’s partner of choice to raise the finance it needs to deliver on its plans.
During his visit, he will also recognise the major opportunities for collaboration for British Fintech firms specifically as India continues its drive towards a society less dependent on cash, using technology to increase access to banking and finance for everyone.
This ongoing push across India means that its finance sector is undergoing a significant transformation, with new payment firms, small finance banks and insurance players entering the field.?
This shift presents enormous opportunities for the UK to work much more closely with India’s own exciting Fintech sector and for that reason, this week’s visit includes some of the UK’s most exciting new Fintech firms, such as TransferWise and World First – who are actively looking to expand their activities and interest with India.
The UK and India already share strong links in these areas. Almost 80 percent of all masala bonds have been issued in London.
British firm Standard Chartered, which employs over 18,000 people in India, recently sponsored a new Chevening Scholarship programme between the two countries. This will see eight top Indian leaders of the future attend an intensive course in financial services in London this year.
The trip is also a significant opportunity, following the triggering of Article 50, for the Chancellor to discuss Britain’s new role in the world, as it prepares to revitalise its links with friends and allies, opening up new markets and new opportunities for British businesses.
“I’m delighted to be leading such a heavy-weight delegation to India to bang the drum for British business. I am determined to create a truly Global Britain, reaching out and promoting the best of what we have to offer,” Chancellor Hammond said
“As we leave the EU and embark on an exciting new phase of our economic history, looking to boost our trade and investment beyond the borders of Europe and strengthening our relationships with the world’s most vibrant economies is more important than ever,” he added.
“The UK is perfectly placed to be India’s financial partner of choice, helping it to raise the finance needed for its continued rapid growth and my message will be ‘ Make in India, finance in the UK. Our innovative markets have helped support the development of whole new product classes such as masala bonds that will support India’s transformation,” Chancellor Hammond said. (ANI)
This is published unedited from the ANI feed.