India And UK Strengthen Economic Ties At 13th Financial Dialogue In London

The 13th Ministerial meeting of the India-UK Economic and Financial Dialogue (13th EFD) took place on Wednesday in London. The Indian delegation, led by Union Finance Minister Nirmala Sitharaman, met with the UK delegation, headed by Chancellor of the Exchequer Rachel Reeves.

NEWS: We’ve announced £400m in export and investment deals with India, boosting our tech and financial sectors.

India, our 11th largest trading partner, is set to become the world’s 3rd largest economy by 2028.

These deals will drive growth as part of our Plan for Change.

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— HM Treasury (@hmtreasury) April 9, 2025

€400 Million Deals Announced

During the meeting, the UK announced €400 million in export and investment deals with India. HM Treasury, the UK government’s economic and finance ministry, shared the news on social media, stating, “We’ve announced £400m in export and investment deals with India, boosting our tech and financial sectors. India, our 11th largest trading partner, is set to become the world’s third-largest economy by 2028. These deals will drive growth as part of our Plan for Change.”

The Chancellor met with Indian Minister of Finance @nsitharaman today, to secure £400m in export and investment deals with India.

Boosting economic ties between our two countries, backing British businesses and delivering growth & security for working people across the UK. pic.twitter.com/w4Cw2Dr52c

— HM Treasury (@hmtreasury) April 9, 2025

Delegations and Key Discussions

The Indian delegation included the Finance Secretary, Chairman of the International Financial Services Centres Authority (IFSCA), and senior officials from the Ministry of Finance and the Indian High Commission in London. Reserve Bank of India Governor Shaktikanta Das attended virtually. The UK delegation included the Governor of the Bank of England, FCA CEO, and senior officials from HM Treasury.

Both sides reaffirmed their commitment to collaborating in the financial services sector, FinTech, and the digital economy. They also discussed further cooperation at bilateral and multilateral forums, focusing on economic issues like mobilizing affordable finance for low-carbon growth, taxation, and combating illicit financial flows.

Recent Developments and Future Collaboration

The two sides also welcomed several recent developments. These included the announcement of UK universities setting up campuses in India, the release of the India-UK Financial Partnership (IUKFP) report on direct listing in the IFSC GIFT City, and the launch of a private-sector workstream on green finance under IUKFP.

The 13th EFD concluded with the adoption of a Joint Statement by India’s Finance Minister and the UK’s Chancellor of the Exchequer. In the joint statement, both ministers celebrated the strength of the economic partnership between the two countries, noting that bilateral trade is valued at over €40 billion. They also emphasized their shared ambition to enhance economic stability, increase investment, and reform their economies to drive growth and prosperity.

Statements from the Leaders

Chancellor Rachel Reeves stated, “In a changing world, it is imperative we go further and faster to kickstart economic growth. We have listened to British businesses, which is why we’re negotiating trade deals with countries across the world, including India.”

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