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Informist, Thursday, Oct. 9, 2025

 

NEW DELHI – The collaboration between India and the UK in the financial technology space can help open ways for cooperation between India International Exchange, located in Gandhinagar's Gujarat International Finance Tec-City, and the London Stock Exchange, Prime Minister Narendra Modi said Thursday. The two governments had said earlier that they are exploring prospects of allowing companies whose shares are listed on the GIFT exchange to list on the London Stock Exchange.

 

The two sides had first mentioned the plan two years ago after a meeting between Finance Minister Nirmala Sitharaman and the then UK's chancellor of the exchequer Jeremy Hunt. Back then, the Indian government was yet to notify norms for listing of Indian companies on the GIFT exchange, which was the first step of collaboration with the LSE, Sitharaman had mentioned. The first step is clear now with the finance ministry allowing the direct listing of shares by eligible Indian companies on the GIFT exchange. 

 

The UK-India fintech corridor will also pilot new startups and take them forward, Modi said at the Global Fintech Fest, where UK Prime Minister Keir Starmer was also present. Modi suggested that both India and the UK must invest in data, skills, and governance to unlock the true potential of artificial intelligence. 

 

Right before the event, at a forum of chief executive officers of top companies from India and the UK, Modi said both nations have the potential to double bilateral trade well before 2030. After concluding a free trade agreement earlier this year, New Delhi and London set the target of doubling bilateral trade by 2030. India and the UK had bilateral trade of $23.13 billion in 2024-25 (Apr-Mar). 

 

Meanwhile, Starmer said the trade deal is going to massively benefit the UK's auto companies as well as alcohol brewers. New Delhi has committed to cut duty to 10% from 110% on auto imports from the UK under a quota, and also lower tariffs on whisky and gin imports to 75% initially and then to 40% in 10 years. 

 

The free trade agreement is likely to be implemented in a year. The deal offers duty-free entry to nearly 100% of India's exports to the UK.  End

 

US$1 = INR 88.78

 

Reported by Krity Ambey and Sagar Sen

Edited by Tanima Banerjee

 

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