Financial services an exciting aspect of UK-India FTA: Rishi Sunak

British Indian Minister welcomes opening of Indian insurance market

British Indian Minister welcomes opening of Indian insurance market

The financial services sector holds an “exciting” prospect of closer exchanges with a Free Trade Agreement (FTA) between India and the United Kingdom, according to which the two countries are being negotiated. British Chancellor of the Exchequer, Sage Sunaki,

Interacting with reporters ahead of the India Global Forum’s UK-India Awards celebrating the success of the Indian diaspora within the UK-India Corridor on Friday, July 1, 2022, the senior British Indian Cabinet Minister said that he is working for both countries. There are huge opportunities in such fields. Welcoming the opening up of FinTech and the Indian insurance market.

The British minister also expressed his confidence in a Draft India-UK FTA ahead of Diwali.

“Good progress is being made and I think one of the exciting things for me in my role is financial services,” said Mr. Sunak.

“Financial services is an area where there is huge opportunity for both our countries. India aims to spread insurance across the economy as insurance is a big deal to enable protection for individuals and growth. We in the UK It can help because we have a great insurance industry. And gradually we have been able to provide more of those products, services and expertise to Indian firms and citizens and companies,” he said.

He also mentioned India’s plans for a sovereign green bond and the UK would like to help India raise that capital once it goes through that journey.

“It builds on a tradition of helping us provide capital to India from around the world because one of the defining movements of capital of our times will be the flow of capital from the West to the rapidly growing India. This is an incredibly exciting and important event. And the UK can really help to be the place that allows India access to the largest pool of capital on the best possible terms to drive its growth,” he said.

In an interaction with the Indian Journalists’ Association (IJA), the senior cabinet minister said that he was “very supportive of India playing an increasingly influential role in the region and, indeed, in the world as the world’s largest democracy”. are” and an FTA would prove to be a great champion of that cause.

The 42-year-old UK-born Indian-origin minister, who said he is looking forward to traveling to India with his family soon, also highlighted the important role played by the Indian diaspora in strengthening the “sharing of equals”. inserted. between the two countries.

“The UK does not have a monopoly on opportunity. India has immense potential, we also want to make sure that if this living bridge is going to become a real thing, we have to go to India for people in the UK, to study in the world.” It has to be easy-to-class institutions for all these wonderful start-ups to work,” said Mr. Sunak.

visa reform

Mr. Sunak pointed to reforms in the visa system to make it easier for talented Indians to come to the UK and said that there are several categories now open to talented Indians, including the new high-capacity personal visa.

“Our plan over time is to expand what we consider to be markers of high potential individuals. So that over time the eligibility criteria for that visa can be expanded. But that visa applies to university people. Citizens will benefit… This is an incredibly generous and powerful visa that will benefit Indian citizens who are studying in any of these. [global] Universities.,” he said.

And, when asked whether he sees himself as the UK’s first British Indian prime minister, he spoke of Britain’s “openness and tolerance” that someone like him would occupy the No. 11 most senior position in Downing Street. was one of UK Government.

“We need to make sure this is not the end of the British Indian story. We can achieve much more. We can do a lot more. And that’s why I’m really excited about the future,” said Infosys. Mr. Sunak, son-in-law of co-founder Narayana Murthy.