Key Points

During the meeting, the Finance Minister mentioned the growth in insurance sector in India owing to the reforms in FDI policy, and emphasised on the need to focus on reinsurance and third party insurance in addition to health insurance and other products.

Sitharaman apprised Vadera of the opportunities in India's maiden International Financial Services Centre at GIFT City in Gujarat and encouraged

Prudential to explore deeper engagement with the ecosystem there, including in areas such a global reinsurance services, as well as considering GIFT City services for global fund management for investing in India.

After the meeting, the Ministry of Finance wrote on her X platform that Vadera informed her about Prudential's upcoming venture in the health insurance space in India, and spoke about engaging more with GIFT City for exploring investment and fund management opportunities in India.

Sitharaman also underlined the potential areas for collaboration between UK and India, especially in the domain of business and investments, and also including private equity and venture capital investments, asset management and financial services and insurance.

The interaction also involved discussions around the recent budget announcement, including those related to supporting the expansion of India's Global Capability Centres.

Finance Minister Sitharaman embarked on an official visit to the UK and Austria on Monday. Her visit will conclude on April 13.

According to a statement from the Ministry of Finance she is scheduled to attend Ministerial-Level Bilateral meetings. The Finance Minister will participate in the 13th Ministerial round of the India-UK Economic and Financial Dialogue and engage with think tanks, investors, and business leaders in the UK and Austria.

The 13th round of the India-UK Economic and Financial Dialogue is scheduled to be held in London, United Kingdom, on Wednesday. The 13th EFD dialogue will be co-chaired by the finance minister and the UK Chancellor of the Exchequer.

- ANI