December 16, 2024 02:27 (IST)
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UK Economic Secretary, UK PM's Envoy to visit India
London, Feb 14 (IBNS): Harriett Baldwin, Economic Secretary to the Treasury, also known as 'City minister' because of her responsibility for the city of London's financial centre, will visit New Delhi and Mumbai from Feb 15-18.
Also visiting New Delhi and Mumbai, from Feb 14 to 19, will be Alok Sharma MP, who has been recently appointed as the British Prime Minister’s Special Envoy on Infrastructure to India.
As the Envoy on Infrastructure, Sharma will be the key contact between the UK and Indian governments, Indian public and private sector infrastructure companies and British financial practitioners.
This is Baldwin’s maiden visit to India in her current role and she will promote the UK’s flagship collaboration with India on infrastructure financing.
With the recent upsurge in rupee denominated bonds listed in London’s financial markets last year, Baldwin and Sharma will hold deliberations with Indian Ministers and Reserve Bank of India Governor to encourage listing of rupee bonds in London.
They will discuss how the city of London can develop as a trading hub for the rupee, and the potential for cooperation on green financing that can help to fund India’s renewable energy and clean transport plans.
Baldwin said: "Developing closer economic and financial ties between India and Britain is key to boosting exports and investment, and creating growth in both of our economies. That’s why I’m delighted to visit India to bolster our cooperation across several key areas. India is the fastest growing major economy in the world, and with a population of over a billion people, the opportunities for UK financial firms to partner with and export to India are unlimited.”
During the Economic and Finance Dialogue between the Chancellor of the Exchequer, George Osborne, and Indian Finance Minister Arun Jaitley in London last month, both countries agreed to explore ways to encourage increased investment in infrastructure with the aim of developing an India-UK partnership fund under the umbrella of India’s flagship infrastructure investment initiative, the National Investment and Infrastructure Fund (NIIF).
Baldwin and Alok Sharma will discuss the prospects for this collaboration with key private and public sector leaders, with the expectation of signing terms of reference governing the partnership at the G20 finance ministers meeting in Beijing later this month.
Sharma said: “I am absolutely delighted to have been appointed by Prime Minister David Cameron as his Infrastructure Envoy to India, this is an incredibly exciting role. Plans to launch a flagship rupee-denominated bond in London by the Indian Railway Finance Corporation was a key announcement by Prime Minister Narendra Modi during his recent visit to the UK and a strong endorsement of the UK’s position as a leading international financial sector."
"The Indian government has a hugely ambitious programme of infrastructure projects and I look forward to working closely with colleagues in both governments to ensure that we develop rupee-linked debt markets and build closer ties between the UK and Indian capital markets,” said he.
Baldwin and Sharma will meet Railways Minister Suresh Prabhu, Minister of State for Finance Jayant Sinha, the Governor of the RBI, Raghuram Rajan, SBI Chairman, Arundhati Bhattacharya, and other Senior leaders from the banking and the Financial Services sector, via one to one meetings and roundtables.
Both the leaders will discuss key areas of shared interest between the two countries including financial inclusion, regulatory reform, financial technology, and the raising of finance in the UK to fuel India’s growth.
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