New Delhi: Finance Minister Nirmala Sitharaman recently met with Shriti Vadera, Chair of Prudential, an insurance and asset management company, during her official visit to the United Kingdom.
During their discussion, Sitharaman highlighted the growth of India’s insurance sector, attributing it to recent reforms in the Foreign Direct Investment (FDI) policy. She stressed the need to expand focus beyond health insurance to include reinsurance and third-party insurance products.
Sitharaman also shared insights into the opportunities available at India’s International Financial Services Centre (IFSC) at GIFT City in Gujarat. She encouraged Prudential to explore deeper involvement in the IFSC ecosystem, particularly in areas such as global reinsurance services and global fund management for investing in India.
Following the meeting, the Ministry of Finance shared on her X platform that Vadera briefed Sitharaman on Prudential’s upcoming venture in India’s health insurance sector. Vadera also expressed interest in enhancing engagement with GIFT City to explore investment and fund management opportunities in India.
The finance minister emphasised the potential for further collaboration between India and the UK, particularly in the business and investment sectors, including private equity, venture capital, asset management, financial services, and insurance.
Sitharaman’s visit also touched upon discussions related to India’s recent budget announcements, particularly those aimed at supporting the growth of Global Capability Centres in India.
Sitharaman, who arrived in the UK on April 6, is set to attend the 13th India-UK Economic and Financial Dialogue (EFD) in London on April 10. The dialogue will be co-chaired by the finance minister and the UK chancellor of the exchequer. Sitharaman’s official visit will conclude on April 13, during which she is scheduled to meet with business leaders, think tanks, and investors in both the UK and Austria.
