‘India-UK Green Growth.…’: Nirmala Sitharaman speaks on successful India-UK financial partnership

Nirmala Sitharaman said there are ample opportunities for both India and the UK to collaborate on frameworks for secure and inclusive financial intermediation.

Published on: Sep 11, 2023, 15:25:17 IST

By HT News Desk | Written by Neha Yadav

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Finance minister Nirmala Sitharaman addressed a press conference on the success of the India-United Kingdom financial dialogue at the G20 Summit and said, “Success of the India-UK Green Growth Equity Fund is a testament to the efficacy of public-private partnerships in channelling large-scale sustainable finance.”

Union Finance Minister Nirmala Sitharaman (PTI)

Speaking on the collaboration between India and the UK in the financial services sector, Sitharaman said, "The UK expressed willingness to further extend its footprint in the GIFT City IFSC and foster a robust FinTech partnership. I am pleased with the tangible progress achieved through the India-UK financial partnership which has evolved into a leading public and private sector collaborative forum for dialogue across the financial sector."

With emerging technologies such as artificial intelligence and machine learning redefining financial services and India's new Digital Personal Data Protection Act, there are ample opportunities for both nations to collaborate on frameworks for secure and inclusive financial intermediation, said Sitharaman.

The Digital Personal Data Protection Act, 2023 was enacted for the processing of digital personal data. It recognises the rights of individuals to protect their personal data and the need to process personal data for lawful purposes.

"....Today we have also launched the UK-India Infrastructure Financing Bridge. It is a collaborative venture co-led by NITI Aayog and the City of London Corporation aimed at harnessing collective expertise in planning and implementing major infrastructure projects. We remain committed to collaborate, deliberate and innovate to navigate the challenges and seize the opportunities that lie ahead for both nations", added the top BJP leader.

Nirmala Sitharaman and UK Prime Minister Rishi Sunak met at the G20 Summit on September 9 and discussed issues of mutual interest and areas of collaboration to enhance the bilateral relations between the two countries.

Prime Minister Narendra Modi held a bilateral meeting with his UK PM Sunak on the sidelines of the Summit and discussed about the India-UK Free Trade Agreement and other issues to strengthen ties.

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