Nirmala Sitharaman Engages with UK on Financial Expansion and Investment

Finance Minister Nirmala Sitharaman met with Prudential Chair Shriti Vadera in London, highlighting growth in India's insurance sector and opportunities at GIFT City. They discussed Prudential's upcoming health insurance venture in India and potential UK-India collaborations in asset management and financial services.

In her visit to the United Kingdom, Finance Minister Nirmala Sitharaman engaged in crucial discussions with Shriti Vadera, Chair of insurance giant Prudential. During their meeting in London, Minister Sitharaman spotlighted India's burgeoning insurance sector, crediting recent reforms in the country's Foreign Direct Investment (FDI) policy. She stressed the importance of expanding focus beyond health insurance to include reinsurance and third-party offerings.

Sitharaman urged Prudential to tap into the unprecedented opportunities available at India's first International Financial Services Centre, GIFT City in Gujarat. She motivated Prudential to deepen its engagement with the ecosystem there, particularly in global reinsurance services and fund management, underlining the city's potential as a strategic hub for investing in India.

The interaction also spotlighted shared aspirations for Indo-UK cooperation in business and financial sectors. Post-meeting, Minister Sitharaman took to her social media platform, 'X,' to share insights on Prudential's plans to enter the Indian health insurance market and expand engagements at GIFT City. The dialogue underscored mutual interests in private equity, venture capital, and asset management. The visit marked a significant step towards the upcoming 13th India-UK Economic and Financial Dialogue, co-chaired by Sitharaman and the UK Chancellor, furthering economic ties between the nations.

(With inputs from agencies.)