Tremendous opportunities in Innovation and R&D, says Sitharaman
Finance Minister Nirmala Sitharaman has highlighted India’s vibrant and pulsating Financial Markets, enormous investments underway in the infrastructure sector and the tremendous potential of Innovation and R&D to American investors expected to drive India-US annual bilateral trade to US$500 billion.
Addressing the US India Business Council (USIBC) Roundtable on ‘Maximizing India’s Sustainable and Inclusive Growth as a Global Destination for U.S. Investment’ on 16 July 2021, she also underlined the consistent and continuous productive reforms that make India investor friendly destination.
She also pointed out India’s fight against COVID-19 and the pandemic’s aftermath demonstrated the Indian economy’s resilience.
The Minister spoke virtually to prominent investors like General Electric, Baxter Healthcare USA, Brambles, Marsh & McLennan Companies, PepsiCo amongst others.
Sitharaman acknowledged the efforts of CEOs of top-40 American companies for creating a global task force to mobilize resources for India during the 2nd COVID wave.
The Roundtable provided investors with an opportunity to engage with Finance Minister and other senior officials of the Indian Government, said the Finance Ministry in a statement.
Areas discussed included Life Sciences, Green Energy, Infrastructure, Insurance, Defence, Security, Manufacturing, Renewable Energy, Power, Pharmaceuticals, Textiles and Hospitality and Digital economy.
The stimulus packages announced recently are tailored to meet the basic requirement of investors.
Sitharaman also informed the investors about India’s consistent and continuous wide-ranging reforms which makes the country an attractive destination for foreign investment and how India continues to rise as a global economic powerhouse.
She elaborated on this year’s budget initiative pertaining to International Financial Services Centre (IFSC) at GIFT City, where the Government is committed towards developing it into a globally competitive hub for innovation and financial activities to serve the Indian economy and the region as a whole.
The broad messages conveyed to the investors were:
Strong, calibrated relief and reforms during COVID leading to sharp decline in new COVID infection with ramping up of the vaccination programme.
Continued macro-economic stability and resilience in economic recovery in the recent months.
Strengths/advantages of India as an investment destination.
Steps taken towards infrastructure-led economic growth.
Creating multi-sectoral opportunities for investors.
In her concluding remarks, Sitharaman spoke about going ahead with an overall vision to build a self-reliant modern India. “The Nation is committed for long term relationship with US Investors,” she assured.
Joining the roundtable, Economic Affairs Secretary Ajay Seth highlighted India’s progress in areas of policy and taxation.
He emphasized upon the e-way bill system which promotes faster and more seamless movement of goods both intra and inter-State.
He also spoke about this year’s responsive and responsible budget focusing towards resolving investment and tax assessment issues, asset monetization and privatization of most of the sectors. #investment #manufacturing #infrastructure #reforms #trade /fiinews.com
