In a significant development following discussions during the India-UK Economic and Financial Dialogue on September 11, Indian companies may soon have the opportunity to list on the London Stock Exchange. Here are the key details:
Infrastructure Financing Bridge: Alongside this announcement, the UK and India have unveiled the UK-India Infrastructure Financing Bridge, a collaborative effort aimed at harnessing expertise to facilitate major infrastructure projects. Chancellor of the Exchequer of the United Kingdom, Jeremy Hunt, expressed his satisfaction with India's commitment to explore the London Stock Exchange as an international platform for the direct listing of Indian companies.
New Pensions and Insurance Partnership: Another notable aspect of this collaboration is the establishment of a new partnership focusing on pensions and insurance. This initiative underscores the commitment to deepen financial ties between the two nations.
GIFT City Development: The discussions also centered around enhancing collaboration for the development of Gujarat International Finance Tec-City (GIFT City), a major financial center in India. This move is expected to bolster financial cooperation and investment opportunities.
Free Trade Agreement (FTA): Both India and the UK expressed their mutual intent to finalize a free trade agreement. While goods and services trade negotiations are underway, investment negotiations will run parallel, further strengthening economic relations.
Digital Payments: The Economic and Financial Dialogue included discussions on digital payments, with a particular focus on India's Unified Payments Interface (UPI). Several countries, numbering between 20 to 25, have expressed interest in adopting India's UPI system, showcasing its global appeal.
Bilateral Cooperation: Prime Minister Narendra Modi and UK Prime Minister Rishi Sunak reviewed progress on the India-UK FTA. They emphasized the importance of bilateral cooperation in key sectors such as technology, climate change, health, and mobility. A proposed bilateral visit by UK Prime Minister Sunak was also accepted for further discussions. The announcement of Indian companies potentially listing on the London Stock Exchange marks a significant milestone in India-UK economic relations. The two countries are actively exploring avenues for cooperation across various sectors, aiming for mutually beneficial outcomes.
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