I came to India two years ago with the goal of encouraging British and Indian companies to do more business and invest more in each others’ countries. The UK is the largest G20 investor in India, in other words the biggest ‘Maker in India’. Likewise, Indian companies made the third largest number of foreign investments into the UK last year.

In the last two years, the pace of reform in both countries has also increased. It was exciting to see the insurance bill passed by the Indian Parliament in March this year. And the British government lowered corporate tax rates to 20 per cent, with a commitment to reduce it further to 18 per cent by 2020.

There is, however, always more to do. One major challenge is how to make the most of India’s demographic dividend. India is expected to surpass China as the world's most populous country by 2028. The median age is 27 and nearly two-thirds of India’s population is below the age of 35.

The question is: How do we maximise the productivity of India’s current and coming generations? Two key components to the answer both involve capital: human capital and financial capital. The former involves improving skills, and the latter creating the capacity and investment to employ those skills. Improving skills in the financial and professional services industry sits on the overlap of these two imperatives.

Maximising the moment India’s financial services industry is entering a new phase of growth, which is good for the economy. But demand in India for professionally qualified staff significantly outstrips supply. So India has an urgent need for its workforce to be trained to international standards, which will allow it to stand tall in this globally competitive industry.

British providers can help plug that gap. How? The UK wants to support India’s skills development ambitions. The UK has a global reputation for financial services — London is the world’s most important financial centre. We have an equally strong reputation in education and skills — 30 of the world’s top 200 universities are British. India can take advantage of our close cultural links, shared language and legal similarity to equip her next generation of financial service professionals.

The UK’s financial and professional qualification providers have already been active in India in areas such as accounting, insurance and wealth management. They have worked with Indian regulators, industry bodies and their Indian counterparts to develop qualifications tailored to the Indian market. Financial services, skills and training can be a key area for consolidating collaboration between our two countries. Bringing those practitioners to India to develop skills is a priority that has been endorsed by both governments.

Skills partnership The India-UK Financial Partnership was announced by the chancellor of the exchequer, George Osborne, and Finance Minister Arun Jaitley on July 8, 2014. The partnership was created to examine priorities across the British and Indian financial and professional services industries, and recommend how we can improve cooperation between our governments. Financial training and qualifications is an important work-stream under the partnership.

To deliver on this commitment, UK Trade and Investment is taking action. From October 12 to 15, we are leading a delegation of British professional qualification providers, showcasing world class providers such as the Chartered Institute of Management Accountants (CIMA), Chartered Institute for Securities and Investment (CISI), Chartered Insurance Institute (CII), Association of Chartered Certified Accountants (ACCA), Institute and Faculty of Actuaries (IFoA), International Association of Book-Keepers and Accounting Professionals (IAB, IAAP).

Many of these organisations are household names and the qualifications they offer are recognised by employers around the world. The high-powered delegation will visit Mumbai, New Delhi and GIFT City (India’s first international financial centre) in Ahmedabad where they will seek out local delivery partners and interested students from across the country. This is the opportunity for ambitious and talented young Indian professionals to enhance their career prospects.

The delegation will also meet Indian stakeholders from the RBI, SBI, GIFT city and Manipal Institute of Banking. The UK and India, working together, are in Prime Minister, Narendra Modi’s words an “unbeatable combination”. Financial and professional services skills are one more area in which we hope that combination and collaboration will continue to thrive.

The writer is Deputy High Commissioner, Mumbai and Director General, UK Trade Investment India

Related Topics
comment COMMENT NOW