India-UK looking to set up a joint 'sub-fund'

Officials from both India and UK are jointly exploring creation of an India-UK sub-fund under the NIIF umbrella.

Union Minister for Finance and Corporate Affairs, Arun Jaitley with UK Secretary for State for International Trade, Liam Fox in a meeting in New Delhi on Monday. Photo: PTI

India and the UK are exploring creation of a 'sub-fund' under National Infrastructure Invest Fund (NIIF), Finance Minister Arun Jaitley said after his meeting with UK Secretary of State for International Trade, Liam Fox.

He said, "Government of India accords high priority to investment in infrastructure, manufacturing and service sectors. He said that Government has set-up NIIF for attracting equity investments for development."

Officials from both India and UK are jointly exploring creation of an India-UK sub-fund under the NIIF umbrella.

Brexit talks, too, surfaced in the meeting. Jaitley, following Commerce Minister Nirmala Sitharaman's cues, mentioned the new Free Trade Agreement (FTA) with UK depending on terms and conditions of its withdrawal arrangement from the EU.

Fox stressed on UK’s commitment to the Joint Economic and Trade Committee (JETCO) to be held on 7th November alongside the ‘India-UK TECH Summit’.

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