The annual Indo-European Business Forum (IEBF) 2024, held at the House of Lords in London, spotlighted the growing cross-border partnerships between India and Europe, with a special focus on the burgeoning sectors of fintech, artificial intelligence (AI), and investment management. The event, themed the ‘Viksit Bharat Investment Summit,’ marked a significant step in promoting India’s vision of becoming a developed economy by 2047.
A Shared Vision for Economic Growth
One of the key highlights of the event was the powerful message delivered by Kanishka Narayan, the Welsh Indian Labour MP, who emphasized the shared economic ambitions of the UK and India. Narayan, fresh from a visit to India as part of a parliamentary delegation, underscored the deep alignment between the two nations in their pursuit of economic growth. “The thing that ties the UK and India together most closely is that we are two countries chasing the future,” he said, reflecting on India’s goal to increase its GDP by tenfold by 2047. The event served as a platform to further this mission, with the UK showing strong interest in India’s transformation towards a developed economy.
Awarding Innovation and Leadership in Fintech and AI
The forum also honored entrepreneurs and companies that have made notable contributions in fintech and AI. Among the prestigious awardees, Ashesh Jani, the co-founder and CEO of Ribbon Plc, was named Fintech of the Year. Ribbon has played a crucial role in helping millions of Indian students and professionals navigate the complexities of international financial systems. This recognition highlights the importance of financial technology in facilitating international transactions and empowering India’s growing global workforce.
Shreeram Iyer, Chairman and CEO of Prisma.ai, was awarded Global Firm of the Year for his company’s cutting-edge work in AI-driven visual recognition technology. Prisma.ai has revolutionized the field of image and video analysis, providing solutions that have wide applications across industries such as security, healthcare, and entertainment. Iyer’s leadership in AI innovation underscores India’s rapid technological advancements in these sectors.
Celebrating Contributions to Fund Management and India-UK Relations
Another key recipient was Narnolia, one of India’s leading firms in fund management, investment advisory, and investment banking, which was named Top Fund Manager of the Decade. The firm has long been recognized for its strategic investments and contributions to India’s financial ecosystem. Manish Tiwari, founder of the firm Here and Now 365, was honored with the British Indian of the Year award for his significant efforts in promoting India-UK ties and facilitating trade and investment between the two nations.
Strengthening India-UK Ties Amid FTA Discussions
The event also took place against the backdrop of ongoing discussions about the India-UK Free Trade Agreement (FTA). Prime Ministers Keir Starmer of the UK and Narendra Modi of India have recently announced the relaunch of FTA negotiations, which the IEBF is closely monitoring. Vijay Goel, the founder of IEBF, expressed optimism that a deal could be signed by next year, with both governments committed to fostering a strategic partnership focused on security, education, technology, and climate change.
Karnataka: A Key Investment Destination
Highlighting India’s potential as an investment hub, Karnataka’s Labour Minister Santosh Lad made a compelling pitch for his state as a prime investment destination. With Karnataka being home to the country’s thriving IT sector, Lad emphasized the state’s investor-friendly policies and a skilled workforce ready to support global businesses.
Looking Ahead: A Future of Mutual Growth
Hosted by British Indian peer Baroness Sandy Verma, a key member of the IEBF Advisory Board, the event brought together influential parliamentarians, diplomats, and business leaders to discuss the future of India-UK relations. The IEBF remains committed to fostering trust and collaboration across sectors to drive economic partnerships that benefit both nations.
The awards ceremony not only celebrated individual and corporate achievements but also served as a reminder of the power of innovation and strategic partnerships in shaping the global economy. As India continues its journey towards becoming a developed nation, events like these play a crucial role in reinforcing the country’s global standing and promoting mutually beneficial partnerships with Europe.
