British Finance Minister Jeremy Hunt said on Monday said that the Indian government has provided its confirmation to explore the London Stock Exchange (LSE) for the direct listing of local firms.

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"We are particularly pleased to have made a big step forward with the first confirmation by India that it will explore the London Stock Exchange as an international destination for the direct listing of Indian companies," he said while adressing a press meet after the 12th Economic and Financial Dialogue between India and the UK.

As of now, Indian companies are not allowed to list directly on overseas exchanges.

Hunt also announced a host of partnership agreements that further strengthen India-UK bilateral relations. "The next step of this is a comprehensive Free Trade Agreement and Bilateral Investment Treaty," he added.

"Alongside that, there is a new Pensions and Insurance Partnership, the establishment of knowledge and expertise-sharing & the new UK Infrastructure Financing Bridge and a deepened partnership on the developmental GIFT City."

Union Finance Minister Nirmala Sitharaman also mentioned there was definitely some discussion on the FTA. "And the intention on both sides is to expedite the discussions so that some quick agreements can lead to finally signing the FTA," she added.

The UK's Chancellor of the Exchequer added that the South Asian country is one of the "most exciting places" that the global investors can consider to park their money. "It's going to be the fastest-growing G20 country this year and next. It has a very clear roadmap to becoming a developed nation by 2047."

Earlier, the spokesperson for Prime Minister Rishi Sunak clarified that Britain has no plans to change its approach to reducing net migration in order to help secure a free trade deal with India.

Also Read:UK will not change immigration policy to secure India trade deal - PM's spokesperson

First Published:Sept 11, 2023 3:04 PM IST