Financial Insights That Matter
Finance Minister, Nirmal Sitharaman is on an official visit to the UK and Austria, which is set to conclude on April 13. As part of her visit, she is scheduled to attend the 13th Ministerial round of the India-UK Economic and Financial Dialogue (EFD) in London
During her ongoing visit to the United Kingdom, Finance Minister Nirmala Sitharaman met with Shriti Vadera, Chair of Prudential, an insurance and asset management company, in London. The meeting focused on India’s growing insurance sector and the opportunities arising from the country’s reforms and initiatives in the financial services industry.
Finance Minister’s Focus on Reinsurance and Third-Party Insurance
Sitharaman underscored the significant growth in India’s insurance sector due to recent reforms, especially in the Foreign Direct Investment (FDI) policy. She emphasized the importance of expanding beyond health insurance to include reinsurance and third-party insurance services, which are vital for the sector’s future growth.
Opportunities at GIFT City for Global Fund Management
Sitharaman also highlighted the investment opportunities available at India’s maiden International Financial Services Centre (IFSC) at GIFT City in Gujarat. She encouraged Prudential to explore deeper engagement with the ecosystem at GIFT City, particularly in global reinsurance services and fund management for investments in India.
Following the meeting, the Ministry of Finance shared details on the social media platform X, noting that Vadera had informed the minister about Prudential’s upcoming venture in the health insurance space in India. Vadera also expressed interest in further engagement with GIFT City to explore investment and fund management opportunities.
Collaboration Between UK And India
The Finance Minister further emphasized the potential for collaboration between India and the UK in sectors such as business, investments, private equity, venture capital, asset management, financial services, and insurance. This exchange also touched upon recent announcements in India’s budget, particularly those aimed at supporting the expansion of Global Capability Centres (GCCs) in India.
Ministerial-Level Bilateral Meetings and Economic Dialogue
Finance Minister, Nirmal Sitharaman is on an official visit to the UK and Austria, which is set to conclude on April 13. As part of her visit, she is scheduled to attend the 13th Ministerial round of the India-UK Economic and Financial Dialogue (EFD) in London, where she will engage with think tanks, investors, and business leaders. The EFD dialogue will be co-chaired by the Finance Minister and the UK Chancellor of the Exchequer.
(With Inputs From ANI)
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