Nirmala Sitharaman calls for maximising sustainable and inclusive US investments in India
19 July 2021
Finance minister Nirmala Sitaraman has called for sustainable and inclusive foreign investments, especially in areas like life sciences, green energy, infrastructure, insurance, defence, security, manufacturing, renewable energy, power, pharmaceuticals, textiles, hospitality and digital economy.
She was addressing a US India Business Council (USIBC) Roundtable on ‘Maximizing India’s Sustainable and Inclusive Growth as a Global Destination for US Investment’ through video conferencing.
The roundtable was attended by prominent foreign investors like General Electric, Baxter Healthcare, Brambles, Marsh & McLennan Companies, PepsiCo amongst others.
The roundtable provided the investors with an opportunity to engage with finance minister and other senior officials of Government of India.
Sitharaman acknowledged the efforts of CEOs of top-40 AmericanS-CoV-2 wave. She also mentioned that India and the US have also set an ambitious target of achieving $500 billion in two-way trade.
Sitharaman spoke about stimulus packages announced recently, which, she said, is tailored to meet the basic requirement of investors. She 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 said the budget initiatives proposed in this year’s budget pertaining to International Financial Services Centre (IFSC) at GIFT City is proof of the government’s commitment towards developing it into a globally competitive hub for innovation and financial activities to serve the Indian economy and the region as a whole.
She said the government has been focused on strong, calibrated relief and reforms during pandemic, which led to a sharp decline in new infections with ramping up of the vaccination programme. This, along with continued macro-economic stability and resilience in economic recovery in the recent months, strengthens India’s position as an investment destination.
In her concluding remarks, Nirmala Sitharaman spoke about going ahead with an overall vision to build a self-reliant modern India. The finance minister stated that the nation is committed for long term relationship with US Investors.
Economic affairs secretary Ajay Seth highlighted India’s progress in areas of policy and taxation. He emphasised that the e-way bill system will promote 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 monetisation and privatisation of most of the sectors.