India, UK May Sign Finance Pacts During PM Modi Visit

PM Modi arrives in London on November 12 2015 and has a packed schedule during his three-day visit.

India and the UK are expected to sign agreements in the financial sector aimed at improving the business climate in India during Prime Minister Narendra Modi’s first official visit to Britain next week.

While details of any deals planned have not been released yet, a Financial Times report indicated that recommendations by the India-UK Financial Partnership (IUKFP) are likely to form the basis of these agreements.

IUKFP, led by Kotak Mahindra bank founder Uday Kotak and Standard Life chairman Gerry Grimstone, calls for a deeper collaboration between the financial centres of London and Mumbai.

The partnership was set up last year by finance ministers in both countries – Arun Jaitley and George Osborne.

“The logic behind it is to get a group of practitioners from both countries and use them as a resource for Indian policymakers,” Mr Grimstone told the newspaper.

Suggestions by IUKFP include a focus on changing India’s insolvency regime to improve the ease of doing business and increasing the country’s national pension savings rate from 4 per cent of the population.


Leave a Comment