Finance Minister Arun Jaitley’s Visit to United Kingdom and Nepal

The Union Finance Minister Arun Jaitley was on a 5 day visit to United Kingdom from February 24-28, 2017 particularly to represent India at the royal event of 2017 UK-India Year of Culture. He was followed by a high level delegation nominated by Prime Minister Narendra Modi.

• As a part of the visit, Jaitley delivered a lecture at the London School of Economics on the theme ‘Transforming India: Vision for the Next Decade’, on February 25 and spoke about India’s desire to be a more open economy.
• On Sunday, 26th February, 2017, the Finance Minister Shri Jaitley attended a reception being organised by Federation of Indian Chambers of Commerce & Industry (FICCI), British Council and Indian High Commission at UK
• Jaitley also attended the market opening ceremony at the London Stock Exchange followed by a Roundtable meeting with foreign investors on February 27. He also held a business interaction with over 100 leaders from the UK-India Business Council.
• Jaitley visited the historic reception hosted by Queen Elizabeth II to launch the UK-India Year of Culture 2017 at Buckingham Palace.
• On 28th February, 2017, Shri Jaitley held a series of meetings with UK investors to present India as one of the bright spots for investments against global economic slowdown. The investor meetings were organised by JP Morgan and Confederation of British Industry (CBI).
• Thereafter, he met with his UK counterpart and the Chancellor of Exchequer Philip Hammond before concluding his five-day visit to the UK

Finance Minister Arun Jaitley Opens London Stock Exchange (LSE)

The Union Finance Minister, Arun Jaitley, opened the London Stock Exchange (LSE) during a special ceremony on February 27, 2017.

• He was accompanied for the special ceremony by Britain’s Minister for International Trade Liam Fox and London Stock Exchange Group CEO Xavier Rolet.
• After the ceremony, Nikhil Rathi, CEO of LSE, hosted a roundtable session with Arun Jaitley and representatives from FICCI (Federation of Indian Chambers of Commerce & Industry), fin-tech firms and major investors.
• He had a discussion with the investors on the role of UK in developing the fin-tech ecosystem of India and in delivering priorities forits development like infrastructure development, sustainable energy investment and the growth of smart cities.
• Later during the day, Jaitley also attended a business interaction session with over 100 investors organised by the UK-India Businesses Council (UKIBC).

Queen Elizabeth II Hosts Reception in Buckingham Palace to celebrate 2017 UK-India Year of Culture

Queen Elizabeth II hosted a reception on February 27, 2017 in Buckingham Palace to launch the 2017 UK-India Year of Culture.

• The UK-India Year of Culture is aimed at celebrating the deep cultural ties between the two countries.
• Jaitley who attended the event was accompanied by Indian delegation that included actor Kamal Hassan, Suresh Gopi, cricket legend Kapil Dev, singer and actor Gurdas Mann, fashion designers Manish Arora and Manish Malhotra and sitar maestro Anoushka Shankar.
• The event was marked by Indian-themed performances and a special Indian menu made by royal chefs from Veeraswamy, the UK’s oldest Indian Restaurant.
• The event displayed Indian motif art in the form of India’s national bird, Peacock projected on the facade of the Palace to reflect the deep bonds of cultural heritage between the UK and India.
• Besides, the Band of Grenadier Guards displayed a selection of Indian themed music, including tracks from the film Slumdog Millionaire.
• Further, to celebrate the 2017 year of culture a host of events and exhibitions will take place in both UK and India in partnership with the British Council, the Indian High Commission in London, UK institutions and their Indian counterparts throughout the year. 

United Kingdom (UK)

UK is the fourth biggest investor country with Foreign Direct Investment of $24.37 billion since April 2000.

• It is India’s 14th biggest trading partner; exports and imports totaled $8 billion during April-November 2016.
• India is now the 3rd biggest investor and 2nd biggest creator of jobs in the UK.
• On the other hand, UK is the biggest investor in India from G -20 nations and plays a vital role in developing skills in India’s workforce.

Keys :

• Capital: London
• Prime minister: Theresa May
• Currency: Pound sterling

Arun Jaitley Visits Nepal To Attend 2017 Nepal Investment Summit

Finance Minister Arun Jaitley was in Nepal on March 2, 2017 to address the Nepal Investment Summit 2017 at Kathmandu.

• This is the first investment summit in Kathmandu since the promulgation of the Constitution in 2015 and is expected to have an investment commitment of Rs. 100 billion.
• The summit was attended by over 250 delegates from more than 20 countries including India, China, Bangladesh, Sri Lanka, Singapore, Hong Kong, Malaysia, America, Russia and Canada.
• The summit aimed to project Nepal as an attractive investment destination and to explore possibilities of foreign investment in various sectors including hydropower, infrastructure and tourism.
• Finance Minister Arun Jaitely suggested that Nepal must focus on efficient allocation of funds towards building roads, power and basic infrastructure, adding that India will assist Nepal in these segments.
• Jaitley also stressed the need for policy reforms for investment and infrastructural development, adding that the State should adopt a durable tax policy for expanding investments.
• Finance Minister also met Nepal President Bidhya Devi Bhandari and Prime Minister Pushpa Kamal Dahal during the visit.

Nepal

• Capital: Kathmandu
• Currency: Nepalese rupee