Key Points

Speaking exclusively with ANI about the agreement, Chauhan stated that Indian companies are bringing high technology into the financial sector like Unified Payment Interface (UPI), which has revolutionised digital payments and adopted by many nations.

"I think in some ways Indian companies bring tremendous amount of high tech in the financial sector because India again is the most innovative country in the world in terms of the fintech today and our UPI or our stock markets are envy of the world in terms of the way we have organised ourselves," he said.

Chauhan added that India has achieved a high level of centralised innovation. "The integrity of systems like UPI or NSE, and our approach to risk management have played a key role. We now handle 50 per cent of all mobile payments globally through UPI and 50 per cent of all stock market trades globally through NSE," he explained.

He pointed out how global financial institutions are increasingly relying on India's skilled workforce. "Bank of New York, without even having a branch in India, manages USD 50 trillion in custody and management and employs 40,000 to 50,000 people in Pune. Similarly, Fidelity has around 50,000 people in Bangalore," he said.

While India contributes advanced tech and talent, the UK brings in its experience in structuring financial deals and managing long-term funds. Chauhan said this combination could lead to greater innovation and expansion in global markets.

Discussing the FTA in a broader context, he called it "the first deal signalling a gradual shift away from multilateralism," a trend he believes started under US President Donald Trump.

He said the India-UK FTA could serve as a model for future agreements with countries like the US, EU, and Japan.

"This deal was initially negotiated with the Conservative government in the UK, and there were doubts if it would continue after the Labour government took over. But with Donald Trump returning to power in January, things changed quickly, and the process accelerated," he said.

Calling it a "harbinger of things to come," Chauhan described the global scenario as fast-changing, with geopolitics shifting like tectonic plates.

He concluded by saying that India should now focus on addressing the gaps it faced under multilateral systems by pushing for fairer terms in bilateral treaties, starting with the India-UK FTA.

- ANI