UK Chancellor Rishi Sunak and Indian Minister for Financial and Corporate Affairs Smt. Nirmala Sitharaman will prioritise infrastructure investment as part of a side event at the 10th UK-India Economic and Financial Dialogue today (28th October).

The UK Chancellor and Additional Secretary of India’s Department of Economic Affairs of Finance Ministry, CS Mohapatra will both join the Lord Mayor of London William Russell in giving special addresses at the UK – India Investing for Growth Forum.

This comes ahead of a panel event led by Hitendra Dave, HSBC’s Head of Global Banking and Markets India and Co-Chair of the UK-India Sustainable Finance Working Group.

The two organisations that form the joint secretariat of the Group - the City of London Corporation and The Federation of Indian Chambers of Commerce & Industry (FICCI) – are co-hosting the event.

It is estimated that India requires some $4.5 trillion of infrastructure financing by 2040. Investment in projects within the country offer substantial social and economic development benefits and are also a major opportunity to support the post-pandemic global economy.

Lord Mayor of London William Russell said:

“India holds huge potential for investors, and the Indian government’s ambitious vision for infrastructure financing is a massive opportunity to drive the post-pandemic global economy forwards.

“London has deep expertise in sustainable infrastructure investment, and this event is a huge opportunity to mobilise capital ahead of COP26.”

Policy Chair at the City of London Corporation Catherine McGuinness said:

“Our two countries are already working very closely together as part of the UK-India Sustainable Finance Working Group in order to reduce barriers to sustainable investment.

“The UK is home to many world-class institutions from all stages of the investment lifecycle, from project conception to delivery and advisory. It is vital that we continue to leverage that expertise enabling us to collaborate ever more closely as we look ahead to COP26 in the UK next year.”

Joint statement from Co-Chairs of UK-India Sustainable Finance Working Group, Hitendra Dave and Richard Abel:

“We are delighted that the Chancellor and Finance Minister have welcomed the work of the UK-India Sustainable Finance Working Group. Much needs to be done to unlock capital for sustainable growth, and together with the members of our working group, we hope to take practical actions in the coming 12 months to accelerate investment into India and deliver progress ahead of COP26.”

It comes as a series of ambitious new initiatives are announced by both governments across trade, investment, infrastructure, sustainable finance and research. Infrastructure investment has received a renewed boost from the UK and India and will support in catalysing private finance flows into India’s infrastructure pipeline.

The City of London has deep expertise in supporting sustainable infrastructure investment projects around the world, supported through more than 40 international construction firms on the London Stock Exchange.

Notes to editors

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk

The Federation of Indian Chambers of Commerce & Industry (FICCI) is India’s oldest association of business organisations, with an indirect membership of 250,000 companies across the country. www.ficci.in