The chancellor and the Bank of England governor are being joined on their trip to India by a crew of fintech experts, to discuss how the UK can strengthen its ties with Indian businesses in the sector.
As part of the trip, the chancellor will be meeting with Indian fintech startups in Mumbai, as well as talking with Indian finance minister Arun Jaitley.
Among those joining Hammond and Carney to discuss fintech, as well as the financial sector more broadly, are Financial Conduct Authority chief executive Andrew Bailey, partner at Passion Capital and Treasury fintech envoy Eileen Burbidge and Lloyd's of London chairman John Nelson.
"Since the UK is the world's leading fintech hub, we look forward to supporting the growing fintech ecosystem of India – and exchanging ideas, talent and investment between our two countries," Burbidge said.
Also during the course of the trip, it is expected banking giant Barclays will create a UK-India fintech exchange programme, while Lloyd's will open of its reinsurance branch in Mumbai and UK-based foreign exchange company World First will formally announce it is launching an office in Bangalore.
The trip is taking place less than a week after Prime Minister Theresa May triggered Article 50, formally beginning the UK's withdrawal from the EU.
"As we prepare to leave the European Union, it is more important than ever that we strengthen our relationship with India, one of the world’s leading economies and one of our oldest friends and allies," Hammond said.