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UK seeks reforms in Indian primary market, taxation rules

Tribune News Service
New Delhi, July 9

India and the UK held their first Financial Markets Dialogue late on Thursday aimed at promoting greater UK investment, access to the London debt market and promoting the GIFT (Gujarat International Finance Tec-City) City with City of London Corporation, the world’s most international and connected financial centre.

Financial cooperation is one of the key pillars of the 2030 roadmap adopted by the two countries during the recent meeting of the two prime ministers.

The dialogue was established at the 10th Economic and Financial Dialogue (EFD) in October 2020 to deepen bilateral ties in the financial sector.

The dialogue discussed cross-border banking activity, the Indian direct listings policy and access to the Indian insurance sector, stated an official news release.

Joined by the private sector, the dialogue saw discussions on making it easier for Indian companies to raise capital internationally with the British seeking reforms to primary issuances, secondary markets, taxation rules, market ecosystem and Environmental, Social, and (Corporate) Governance (ESG).

London has been a leading international financial centre since the 19th century, acting as a centre of lending and investment around the world.

The City of London Corporation’s Capital Markets Working Group presented their work on the Indian corporate bond market, and the India-UK Financial Partnership presented their recommendations on the UK-India financial services relationship, particularly on development of GIFT City as a global services hub.

As two services driven economies, both sides agreed that there is significant scope for strengthening the financial services cooperation between India and the UK.

They also concurred to continue to engage bilaterally on these areas in the coming months, in the run up to the next EFD and the beginning of negotiations for a future India-UK FTA, both expected to take place later this year.

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