New -Delhi, April 9 (IANS). Finance Minister Nirmala Sitharaman has demanded that India provide an attractive opportunity to develop foreign banks and that the government is actively encouraging foreign investment in the banking sector. The Minister of Finance addressed the Roundactable discussion in India-UK investor with about 60 investors representing different pension funds in London, insurance companies, banks and other financial institutions. In this speech, the Union Minister underlined the government’s priorities to enable sustainable economic development and investment opportunities with policy support. According to a statement issued by the Ministry of Finance on Wednesday, he emphasized the efforts made by the government to reduce the compliance burden and make the regulation easier for the ease of business and investment. With the expansion of the middle class and a strong and stable policy environment, Union Minister of Finance said that India will become the sixth largest insurance market by 2032, with an expected increase of 7.1 percent CAGR by 2024-2028, which will be one of the fastest growing insurance markets in G20 countries. Finance Minister Sitharaman told investors that the Indian security market is one of the first major markets to fully assume ‘T+1 settlement’ at the beginning of 2023 and that India’s market cap is $ 4.6 trillion (3.7 billion GBP), which is currently at the global level. The Minister of Finance spoke in detail about the first gift IFSC of India’s first international financial services. He further informed the investors that more than 800 institutions in banks, capital markets, insurance, fintech, aircraft rental, ships leasing, bullying, etc. Against the International Financial Service Center Authority (IFSCA). The Minister of Finance, who describes the digital economy of India as a significant contributor to its economic development, has informed participants that India is third in terms of domestic unicorn. He further stated that India is home to the leading Fintech ecosystem, which is operated by a large technology lover population, assistant government policies and innovative starting ecosystem. In the past five years, the region has seen a fast jump in FinTech, as evidenced by an 87 percent adoption rate and 15 percent of the global fintech funding against the global average of 64 percent. The Union Minister of Finance also participated in a firecusside chat about India House in London’s opportunities and challenges for India’s efforts to become a developed economy by 2047. -Ians SKT/CBT
‘India’ offers an attractive opportunity for foreign banks: Finance Minister Sitharaman
