The landmark tenth Economic and Financial Dialogue (EFD) between the UK and India saw the UK Chancellor Rishi Sunak and Finance Minister Nirmala Sitharaman meeting to build further economic ties.

The UK and India have a strong investment relationship, with UK and Indian investments supporting over half a million jobs in each other’s economies. Since the first EFD with India in 2007, UK bilateral trade with India has more than doubled to nearly £24 billion in 2019.

The Chancellor and Finance Minister discussed the importance of continuing to work together to deal with the global economic impact of Coronavirus – which the UK and India are already leading as co-authors of the G20 Action Plan – and tackling climate change through sustainable finance.

UK Chancellor of the Exchequer, Rishi Sunak, said:

The UK’s economic and financial relationship with India has never been more important with the global challenges we face. Today we set out our ambition for even stronger ties, with an agreement that will increase investment and create and secure jobs. We are also committed to working together to lead the global economic recovery as we build back better after the pandemic.

Agreements reached today include:

  • A new strategic partnership to accelerate the development of Gujarat International Finance Tec (GIFT) City as an international financial centre – including regulatory capacity building support for the new International Financial Services Centre Authority
  • A new UK-India Partnership on Infrastructure Policy and Financing to support the Indian National Infrastructure Pipeline with UK commercial expertise and financing
  • Strengthening cooperation on mobilising private capital into green investment, including through a new UK-India Sustainable Finance Forum, and greening the financial system
  • A fresh mandate for the industry-led India-UK Financial Partnership to explore closer financial ties in areas including FinTech
  • Creating a new Financial Markets Dialogue to remove regulatory and market access barriers for UK and Indian firms
  • Joint investment by UK Research and Innovation and India’s Department of Biotechnology in research collaborations worth up to £8 million to understand the impact of Covid in South Asian populations in the UK and India

During the talks, the Chancellor championed UK markets as a source for Indian companies to raise international capital, and welcomed the decision to allow Indian companies to list on the London Stock Exchange – the UK being one of only seven jurisdictions permitted.

Ministers also agreed to explore ways to boost investment in insurance through an increase in India’s foreign investment limit.

The UK and India have built a strong partnership on FinTech, and the Ministers agreed to collaborate on facilitating the flow of faster and cheaper UK-India remittances.

Ministers further committed to leading the world’s economic recovery by working closely together through the UK’s G7 and COP Presidencies and India’s G20 Presidency in 2022.

Alongside the EFD, the Chancellor addressed industry leaders at the UK-India Investing for Growth Forum hosted virtually by the City of London Corporation and the Federation of Indian Chambers of Commerce and Industry. The Chancellor highlighted the enormous potential for the UK and India to work together to drive green sustainable finance flows and generate even stronger bilateral investment.

The joint statement, signed by the Chancellor and the Finance Minister, is available here.

The Indian delegation was led by Finance Minister Nirmala Sitharaman and included the Chairman of the Securities and Exchange Board of India Ajay Tyagi and two Deputy Governors from the Reserve Bank of India. The UK delegation was led by Chancellor Rishi Sunak and included the Governor of the Bank of England Andrew Bailey and the CEO of the Financial Conduct Authority Nikhil Rathi.

UK-India investment: The UK is the second fastest growing G20 investor in India over the last 10 years. UK companies have invested nearly £22 billion in India since 2000, creating more than 422,000 jobs. The UK is also India’s second biggest research partner with joint research expected to be worth £400m by 2021. Indian investment in the UK is also strong. More than 800 Indian companies operate in the UK, employing more than 110,000 people. India is now the UK’s second largest source of investment in terms of number of projects with 120 new projects and over 5,000 new jobs in 2019-20.

FinTech: Agreement was reached to explore potential options for greater connectivity between India’s Unified Payments Interface system and the UK payments system, and to support greater acceptance of Rupay cards in the UK. Ministers also celebrated the second round of the FinTech Awards mentorship programme to support innovative Indian FinTech startups and Indian financial regulators’ (RBI, IRDAI, PFRDA) decision to join the Global Financial Innovation Network, partnering with the UK on fostering industry innovation.

Research announcements:

  • Covid-19: UK Research and Innovation (UKRI) and India’s Department of Biotechnology have announced up to £8 million of joint investment for our research communities to collectively understand and address the factors leading to the severity of Covid19 in South Asian/Indian populations in the UK and India.
  • Fleming Fund: UK’s Department of Health and Social Care announced a new Fleming Fund partnership with the Ministry of Health, to support India’s Coronavirus Response Plan and antimicrobial resistance (AMR) with an initial £600k contribution, and a strong platform for further bilateral collaboration on AMR in the future.
  • Trade: UKRI and the Indian Council of Social Science Research announce four joint projects under a collaborative research call on the future of UK-India trade and cross border investment in a changing global environment. This research will explore the challenges and opportunities in the bilateral trade and investment relationship

You may also be interested in these articles:

Sponsored Video

Register, Login or Login with your Social Media account:


Advertisers

Upcoming FE Events

Advertiser Skyscrapers

Newsroom Activity

AELP Events added a new event 2 days ago

Designated Safeguarding Lead Training in FE

Overview It is a statutory requirement for professionals meeting ‘robust 2-yearly training’ for those with a lead or designated professional role...

  • Thursday, 14 October 2021 09:30 AM
  • Online

Latest Education News

Further Education News

The FE News Channel gives you the latest education news and updates on emerging education strategies and the #FutureofEducation and the #FutureofWork.

Providing trustworthy and positive Further Education news and views since 2003, we are a digital news channel with a mixture of written word articles, podcasts and videos. Our specialisation is providing you with a mixture of the latest education news, our stance is always positive, sector building and sharing different perspectives and views from thought leaders, to provide you with a think tank of new ideas and solutions to bring the education sector together and come up with new innovative solutions and ideas.

FE News publish exclusive peer to peer thought leadership articles from our feature writers, as well as user generated content across our network of over 3000 Newsrooms, offering multiple sources of the latest education news across the Education and Employability sectors.

FE News also broadcast live events, podcasts with leading experts and thought leaders, webinars, video interviews and Further Education news bulletins so you receive the latest developments in Skills News and across the Apprenticeship, Further Education and Employability sectors.

Every week FE News has over 200 articles and new pieces of content per week. We are a news channel providing the latest Further Education News, giving insight from multiple sources on the latest education policy developments, latest strategies, through to our thought leaders who provide blue sky thinking strategy, best practice and innovation to help look into the future developments for education and the future of work.

In Jan 2021, FE News had over 173,000 unique visitors according to Google Analytics and over 200 new pieces of news content every week, from thought leadership articles, to the latest education news via written word, podcasts, video to press releases from across the sector, putting us in the top 2,000 websites in the UK.

We thought it would be helpful to explain how we tier our latest education news content and how you can get involved and understand how you can read the latest daily Further Education news and how we structure our FE Week of content:

Main Features

Our main features are exclusive and are thought leadership articles and blue sky thinking with experts writing peer to peer news articles about the future of education and the future of work. The focus is solution led thought leadership, sharing best practice, innovation and emerging strategy. These are often articles about the future of education and the future of work, they often then create future education news articles. We limit our main features to a maximum of 20 per week, as they are often about new concepts and new thought processes. Our main features are also exclusive articles responding to the latest education news, maybe an insight from an expert into a policy announcement or response to an education think tank report or a white paper.

FE Voices

FE Voices was originally set up as a section on FE News to give a voice back to the sector. As we now have over 3,000 newsrooms and contributors, FE Voices are usually thought leadership articles, they don’t necessarily have to be exclusive, but usually are, they are slightly shorter than Main Features. FE Voices can include more mixed media with the Further Education News articles, such as embedded podcasts and videos. Our sector response articles asking for different comments and opinions to education policy announcements or responding to a report of white paper are usually held in the FE Voices section. If we have a live podcast in an evening or a radio show such as SkillsWorldLive radio show, the next morning we place the FE podcast recording in the FE Voices section.

Sector News

In sector news we have a blend of content from Press Releases, education resources, reports, education research, white papers from a range of contributors. We have a lot of positive education news articles from colleges, awarding organisations and Apprenticeship Training Providers, press releases from DfE to Think Tanks giving the overview of a report, through to helpful resources to help you with delivering education strategies to your learners and students.

Podcasts

We have a range of education podcasts on FE News, from hour long full production FE podcasts such as SkillsWorldLive in conjunction with the Federation of Awarding Bodies, to weekly podcasts from experts and thought leaders, providing advice and guidance to leaders. FE News also record podcasts at conferences and events, giving you one on one podcasts with education and skills experts on the latest strategies and developments.

We have over 150 education podcasts on FE News, ranging from EdTech podcasts with experts discussing Education 4.0 and how technology is complimenting and transforming education, to podcasts with experts discussing education research, the future of work, how to develop skills systems for jobs of the future to interviews with the Apprenticeship and Skills Minister.

We record our own exclusive FE News podcasts, work in conjunction with sector partners such as FAB to create weekly podcasts and daily education podcasts, through to working with sector leaders creating exclusive education news podcasts.

Education Video Interviews

FE News have over 700 FE Video interviews and have been recording education video interviews with experts for over 12 years. These are usually vox pop video interviews with experts across education and work, discussing blue sky thinking ideas and views about the future of education and work.

Events

FE News has a free events calendar to check out the latest conferences, webinars and events to keep up to date with the latest education news and strategies.

FE Newsrooms

The FE Newsroom is home to your content if you are a FE News contributor. It also help the audience develop relationship with either you as an individual or your organisation as they can click through and ‘box set’ consume all of your previous thought leadership articles, latest education news press releases, videos and education podcasts.

Do you want to contribute, share your ideas or vision or share a press release?

If you want to write a thought leadership article, share your ideas and vision for the future of education or the future of work, write a press release sharing the latest education news or contribute to a podcast, first of all you need to set up a FE Newsroom login (which is free): once the team have approved your newsroom (all content, newsrooms are all approved by a member of the FE News team- no robots are used in this process!), you can then start adding content (again all articles, videos and podcasts are all approved by the FE News editorial team before they go live on FE News). As all newsrooms and content are approved by the FE News team, there will be a slight delay on the team being able to review and approve content.

 RSS IconRSS Feed Selection Page