Login With Google
U.K. to partner for developing GIFT City
Why is it in news?
- The United Kingdom has entered into a strategic partnership to develop the GIFT City.
- K. also agreed to set up a new Fund of Funds to be managed by the State Bank of India (SBI) group.
Details:
- GIFT city is India’s fledgling international financial services centre.
- The new Fund of Funds would be set up in order to route the U.K.’s future capital investments into India.
- India and the U.K. signed off on a new infrastructure finance and policy partnership.
- The policy partnership to help India execute its National Infrastructure Pipeline that envisages investments worth $1.4 trillion.
India-U.K. Trade Relations:
- Bilateral trade between India and the U.K. stood at £24 billion in 2019.
- India is now the second-largest project investment source for the U.K.
- K. and India announced a joint investment of £8 million.
- The joint investment to help combat the pandemic and further the research to understand and address the factors leading to the severity of the novel coronavirus.