UK wants more access to Indian market for its financiers
The United Kingdom on Saturday asked for more access to the Indian market for its financial institutions, saying it would strengthen the domestic sector.
By PTI |
CHENNAI: The United Kingdom on Saturday asked for more access to the Indian market for its financial institutions, saying it would strengthen the domestic sector.
British Deputy High Commissioner in South India Mike Connor said India has caps in insurance, banking and software development sectors, which are Britain's strengths.
He said the UK is predominantly a service economy and this is reflected in the UK investments in India: HSBC, Standard Chartered Bank and a few insurance and software companies.
"But it is these very sectors that India has blocks or caps on FDI," he said while speaking at a public lecture on "India and the UK: Opportunities for Economic Partnership".
The bilateral trade between India and the UK was over eight billion pounds, but "there is still a limitation on the access of major British financial organisations to the Indian market," Connor said.
"In banking there are still several regulatory barriers, although some banking reforms have been adopted. Higher ceilings on foreign shareholding in banks would encourage transfer of expertise, strengthen India's financial sector and benefit consumers with wide access to financial services."
British law firms are also prevented from practicing in India, he said.
"British law firms be allowed to be practice in India. They will bring with them expertise, business and major employment opportunities".
"They do not want to deprive Indian lawyers of work. UK firms probably have a strong tradition of employing Indian people to run their companies here in India right to the highest management levels," Connor said.
British Deputy High Commissioner in South India Mike Connor said India has caps in insurance, banking and software development sectors, which are Britain's strengths.
He said the UK is predominantly a service economy and this is reflected in the UK investments in India: HSBC, Standard Chartered Bank and a few insurance and software companies.
"But it is these very sectors that India has blocks or caps on FDI," he said while speaking at a public lecture on "India and the UK: Opportunities for Economic Partnership".
The bilateral trade between India and the UK was over eight billion pounds, but "there is still a limitation on the access of major British financial organisations to the Indian market," Connor said.
"In banking there are still several regulatory barriers, although some banking reforms have been adopted. Higher ceilings on foreign shareholding in banks would encourage transfer of expertise, strengthen India's financial sector and benefit consumers with wide access to financial services."
ADVERTISEMENT
British law firms are also prevented from practicing in India, he said.
"British law firms be allowed to be practice in India. They will bring with them expertise, business and major employment opportunities".
"They do not want to deprive Indian lawyers of work. UK firms probably have a strong tradition of employing Indian people to run their companies here in India right to the highest management levels," Connor said.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
