Finance Minister Nirmala Sitharaman's Strategic Talks in London: Boosting India-UK Economic Ties

Finance Minister Nirmala Sitharaman met Prudential Chair Shriti Vadera in London, highlighting India's insurance sector growth. Discussions included enhancing ties with GIFT City and exploring reinsurance opportunities. The visit also involves attending the India-UK Economic and Financial Dialogue and engaging in talks to strengthen bilateral business relations.

During a critical meeting in London, Finance Minister Nirmala Sitharaman conferred with Prudential's Chair, Shriti Vadera. The talks centered on India's burgeoning insurance sector, driven largely by FDI policy reforms. Sitharaman emphasized the need to diversify focus towards reinsurance, third party insurance, and health insurance.

Sitharaman highlighted the vast opportunities at India's International Financial Services Centre in GIFT City, Gujarat, urging Prudential to deepen its engagement there. She presented the potential for global reinsurance services and fund management, encouraging investment in India's financial ecosystem through GIFT City.

Prudential shared plans for a new health insurance venture in India and showed interest in GIFT City's investment prospects. The meeting underlined areas for collaboration between the UK and India in business, asset management, and financial services. Additionally, discussions included India's budget initiatives supporting the expansion of Global Capability Centres.

(With inputs from agencies.)