India and the UK have agreed to grow their economic partnership and move faster on a trade deal and investment agreement. This was announced after a high-level meeting in London between India’s Finance Minister Nirmala Sitharaman and UK Chancellor Rachel Reeves.
The UK talked about its upcoming Industrial Strategy and said it wants to work with India in areas like clean energy, advanced manufacturing, healthcare, defence, financial services, and creative industries. The UK believes its knowledge can help support India’s growth as a global manufacturing hub.
Both sides said they are looking forward to signing a Defence Industrial Roadmap to help their defence industries work together and strengthen supply chains.
They also said they are happy with how trade in financial services has grown and want to build on that success. In December 2024, both countries held a Financial Markets Dialogue in GIFT City, India, where they discussed working together on banking, insurance, pensions, and green finance. The next meeting will happen in London later this year.
The UK welcomed India’s decision to let insurance companies in GIFT City invest overseas and is considering allowing the same for pension companies.
They also discussed how Indian companies can raise money in the UK through “Masala Bonds” (rupee bonds) and agreed to make policies that support this.
India’s efforts to make the rupee more international were praised, and both countries will explore how London can help as a major global financial center.
The UK and India also said that the UK’s investment industry can help Indian investors access global markets and plan to talk more about this in their next meeting.
Both countries said they want to work together on green finance to support sustainable development.
In the end, they said they are committed to stronger economic ties, with trade between them already worth over £40 billion and lots of investment going both ways.
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