Continuous reforms make India a great place to do business: FM to US investors
India is committed to a long term relationship with US investors, FM Nirmala Sitharaman said
Finance Minister Nirmala Sitharaman has invited global investors to take advantage of the recent FDI reforms, the privatization policy and the Performance Linked Incentive (PLI) scheme, asserting that continuous reforms make India a great place to do business.
Speaking at the Global Investors Roundtable organized by the US-India Strategic Partnership Forum (USISPF) on Thursday, the Finance Minister said that the fiscal situation is under control and is expected to improve further, and also emphasized the strong fundamentals of the economy.
The Finance Minister remarked that macroeconomic stability, infrastructure-led economic growth opportunities, financial sector reforms, and positioning as a strong player in global supply chains are just some of the ways India continues to rise as a global economic powerhouse.
She informed investors about the significant drop in new Covid infections in the country and decline of the second wave, and the vision to make India self-reliant (Atmanirbhar Bharat).
Further, she pointed out that India was able to gather the highest ever GST collections showing the bright spot - more formalization of economy and tax compliance in the country.
Besides, 15 new unicorns in the first 5 years of 2021 itself reflects the growing startup ecosystem to be amongst the best in the world, she added.
In her concluding remarks, Sitharaman spoke about going ahead with an overall vision to build a self-reliant modern India driven by 5 “I’s” viz. Intent, Inclusion, Investment, Infrastructure and Innovation.
The Finance Minister stated that the country is committed to a long term relationship with US investors and proposes to meet twice yearly.
The US-India Strategic Partnership Forum (USISPF) is a non-profit organization, with the primary objective of strengthening the India-US bilateral and strategic partnership through policy advocacy in the fields of economic growth, entrepreneurship, employment-creation, and innovation.
Speaking during the event, CEO Mastercard Ajay Banga mentioned, “When the United States and India, along with the best of the private sector, work together with a level playing field and fair competition to drive innovation and progress in India and for India, a great deal can be accomplished.“
Chairman and CEO Johnson Control George Oliver mentioned, “We are extremely excited about the growth opportunity in India and expand further in India, one of the fastest emerging global economies. India has made significant progress and is expected to double its energy demand by 2040 and we are keen to support this growth story.”
CEO First Solar Mark Widmar said, “Applaud the effort done already towards the investment opportunities in India, especially with the combination of Industrial policy and the trade barriers that have enabled this initiative. Also, encouraged to see the vaccination and economic progress”.