London Mayor urges India to open up fin sector

New Delhi, May 21: London Mayor John Stuttard today urged India to open up its financial services sector to take advantage of the transparency, benign regulatory environment and financial skills base that exist there.

''While India is strong in ICT and manufacturing sectors, the UK is still a leader in the area of international financial services,'' Mr Stuttard said while addressing a seminar on 'Relevance of London's Global Financial Experience for India' here.

He added that these sectors needed to be synergised to benefit both the countries.

''For Mumbai to develop as an international financial centre, the adoption and use of such skills will be crucial,'' Mr Stuttard said, adding that ''India currently had 1,50,000 accountants. These are too few for an economy of India's size and growth. The skills deficit is needed to be addressed by opening up the financial services sector to professionals such as accountants and lawyers.'' Mr Stuttard said India should take advantage of the business environment of the city of London which is open, tranparent, principled and risk based one that was very conducive to doing business.

Former FICCI President and Apollo Tyres Ltd Chairman and Managing Director Onkar S Kanwar said India's engagement with the UK was at a new high. In the first half of 2006, Indian investment into the UK overtook Japan, making India the second largest investor in the UK.

India was going through an epochal transformation to become one of the fastest growing emerging economics and ''we hope to see British companies expand their wings in our country too,'' he added.

UNI