PremiumShe said multi-sectoral opportunities have been created for investors and there has been a strong track record of reform implementation in the last six years
Discussing the opportunities for growth and investment in India, Union finance minister Nirmala Sitharaman on Thursday invited global investors to take advantage of the recent reforms implemented by the central government.
Sitharaman was speaking at the Global Investors Roundtable organized by the US-India Strategic Partnership Forum (USISPF) through video conferencing.
She remarked that macro-economic 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.
"There has been continued macro-economic stability and resilience in the economic recovery in recent months, and steps have been taken for infrastructure led to economic growth," the minister said.
She said multi-sectoral opportunities have been created for investors and there has been a strong track record of reform implementation in the last six years.
Sitharaman pointed out that the fiscal situation is under control and is expected to improve further, and also emphasised the strong fundamental of the economy.
The fiscal deficit for 2020-21 was at 9.3% of the gross domestic product (GDP), lower than 9.5% estimated by the finance ministry in the revised Budget estimates.
The finance minister spoke about the resilience shown by the Indian economy in the aftermath of Covid-19. She said that the highest ever Goods and Services Tax (GST) collection shows the bright spot and indicates greater formalisation of the economy and tax compliance.
She pointed out that 15 new unicorns in 2021 itself reflect the growing startup ecosystem in India to be amongst the best in the world
The minister stated that the country is committed to a long-term relationship with US investors and proposes to meet twice yearly.
According to a release by the finance ministry, Sitharaman informed investors about the significant drop in new Covid infections in the country and the decline of the second wave, and the vision to make India self-reliant (Aatmanirbhar Bharat).
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 event was attended by some of the largest foreign investors, including Mastercard, MetLife, Prudential, Air Products, Dell, SoftBank and Warburg Pincus amongst others.
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.
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