Finance Minister is of the Opinion that reforms in insurance industry through passage of Insurance Amendment Bill in the Parliament will lead to an Expansion in the Market. Insurance, Mutual Funds, Banks, Securities, etc are some of the Areas of Close Cooperation between India and UK.
Finance Minister has a meeting with Uday Kotak and Jerry Grimstone, co-chairmen of India UK Financial Partnership. They exchange their views upon this initiative.
Co-chairmen of India UK Financial Partnership called upon the FM
Arun Jaitely, the Finance Minister, has said that he hopes of insurance market expansion once Parliament passes Insurance Amendment Act. He is extremely satisfied with the recommendations made by the select committee of the parliament to which insurance bill was referred to. The Finance Minister expressed his views during his meeting with Mr. Uday Kotak and Mr. Jerry Grimstone. Grimstone is the Chairman of Standard Life, the biggest insurance company in UK, whereas Uday Kotak is the Executive VC & MD of Kotak Mahindra Bank, the 3rd largest private sector bank in India. Incidentally, Uday Kotak and Jerry Grimstone are co-chairmen of India UK Financial Partnership. Both these gentlemen had called on Shri Arun Jaitely in his office today. The FM told them that banks, mutual funds, insurance, securities etc represented areas of mutual cooperation between the two countries.
UK corporate sector is eager to play its role in Modi’s vision of Make in India
Mr. Grimstone is of the view that there is large scope for close cooperation between India and UK in some spheres of economy. These include insurance, infrastructure, and pensions. He said that UK remains the biggest business partner of India and investments in India are the biggest from UK. He said that UK businessmen are ready to play a crucial role in making sure that the Make in India vision of PM Modi becomes successful.
There is great scope of close cooperation in finance and insurance
Mr. Uday Kotak, who is a co-chair of India UK Financial Partnership, said that he is honored to be a part of Prime Minister’s initiative that will go a long way in boosting ties between the two countries. Kotak added that he sees a huge potential of close cooperation between India and UK in the fields of finance and investment. India can learn a lot from the experience and expertise of UK in these spheres of economy.
It must be mentioned here that India UK Financial Partnership was officially launched by FM of India and the Chancellor of the Exchequer in a bid to boost financial services between the two countries. This partnership would further expand toes between two of the most important commercial hubs of the world namely Mumbai and London.
Areas that this financial partnership would focus upon
India UK Financial Partnership will be co-chaired by Jerry Grimstone and Uday Kotak, both of whom are industry leaders in their respective countries. Grimstone happens to be the Chairman of Standard Life and The City UK whereas Uday Kotak is the Executive Vice Chairman of Kotak Mahindra Bank. This financial partnership will lay emphasis on the following areas of work.
- Working together to develop a corporate bond market
- Sharing of financial capabilities and expertise in market regulation
- Providing avenues for training and qualification in the field of finance
- Inclusion of all sections of population in finance
- Exchange of insurance and financial services
- Development of new models of pension schemes
- Providing funds for infrastructure
Financial partnership between India and UK is meant to deepen ties in the field of financial services. It is this financial service sector that works as the backbone of an economy and fuels its growth. The aim of this special partnership is not only to identify and work for closer financial cooperation but also to learn from and share each others’ experiences in the fields of finance, insurance, and market regulation.
About Sanjay Tandon
Sanjay Tandon is a graduate engineer from IIT Varanasi. He has been writing as a freelancer for many years. He loves to write on various niches. He is passionate about politics and economy and spends his free time watching news channels. He is also an expert on relationships.