Country is Committed to Long-term Relationship with US Investors says Nirmala Seetharaman


Country is Committed to Long-term Relationship with US Investors says Nirmala Seetharaman

Asserting that continuous reforms make India a great place to do business, Finance Minister Nirmala Sitharaman invited global investors to take advantage of recent FDI reforms, privatisation policy, and performance linked incentive (PLI) scheme.

At the Global Investors Roundtable hosted by the US-India Strategic Partnership Forum (USISPF), Nirmala Seetharaman spoke to foreign investors such as Mastercard, MetLife, Prudential, Dell, SoftBank, and Warburg Pincus, she stated that 15 new unicorns in 2021 reflects India's growing startup ecosystem to be among the best in the world.

According to the minister, the country is committed to long-term relationships with US investors and plans to meet twice a year. Macroeconomic stability, infrastructure-led economic growth opportunities, financial sector reforms, and positioning as a strong player in the global supply chain are just a few of the ways India is rising as a global economic powerhouse.

She informed investors about the significant decrease in new Covid infections in the country, as well as the decline of the second wave, as well as her vision to make India self-sufficient (Aatmanirbhar Bharat).

In recent months, there has been continued macroeconomic stability and resilience in the economic recovery, and steps for infrastructure have led to economic growth, according to the minister. She stated that multi-sectoral opportunities for investors have been created, and that there has been a strong track record of reform implementation over the last six years.

Sitharaman spoke about going ahead with an overall vision to build a self-reliant modern India driven by 5 “Is”– Intent, Inclusion, Investment, Infrastructure and Innovation.

According to the statement, the event gave investors the opportunity to meet with the finance minister and senior officials of the Indian government to discuss potential investment opportunities and deliberate on the role of ongoing policy reforms that will enable greater Ease-of-Doing-Business in India.

Ajay Seth, Economic Affairs Secretary, highlighted the broad themes of the 2021 Budget and how the changes are far-reaching.

Speaking at USISPF, the finance minister stated that the fiscal situation is under control and will improve further, emphasising the economy's strong fundamentals.

The fiscal deficit for 2020-21 was at 9.3 per cent of the gross domestic product (GDP), lower than 9.5 per cent estimated by the finance ministry in the revised Budget estimates. COVID-19 and its aftermath demonstrated the resilience of the Indian economy, according to Sitharaman, who added that the highest-ever Goods and Services Tax (GST) collection is a bright spot and indicates greater formalisation of the economy and tax compliance.