Mallya, the chief of the now defunct Kingfisher Airlines, had moved to Britain in March last year after banks sued him to recover around USD 1.4 billion owed by the airline.
Earlier this month, the Indian government formally requested Britain to extradite him to India to stand trial for alleged loan default and money laundering.
Jaitley also said that the UK must realise the importance of Indian students to its economy because they help “subsidise” education costs here.
Referring to a major drop in students coming to study at the UK universities over the last few years, he highlighted that there were other countries that were more welcoming.
