Sunday, June 4, 2023

Wide-ranging reforms make India attractive destination for investment: FM Nirmala Sitharaman


India’s continuous wide-ranging reforms make the country an attractive destination for foreign investments, Finance Minister Nirmala Sitharaman said on Friday while addressing executives of top US companies. She also mentioned about stimulus packages announced recently; as well as strong, calibrated relief and reforms during COVID leading to sharp decline in new infections with ramping up of the vaccination programme.

Addressing a round-table organised by the US India Business Council (USBIC) — attended by representatives from prominent foreign firms like General Electric, Baxter Healthcare USA, Brambles, Marsh & McLennan, PepsiCo, amongst others, the Finance Minister said India and the US have set an ambitious target of achieving USD 500 billion in two-way trade.

Continued macro-economic stability and resilience in economic recovery in the recent months, focus on infrastructure-led economic growth, and multi-sectoral opportunities for investors are some of key highlights shared by the Finance Minister.

India has vibrant and pulsating financial markets, enormous investments opportunity in infrastructure sector and R&D, she added.

She also mentioned 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.

She appreciated the efforts of CEOs of top-40 American companies for creating a global task force to mobilise resources for India during the second COVID-19 wave.

Speaking at the round-table, Economic Affairs Secretary Ajay Seth highlighted India’s progress in areas of policy and taxation.

He emphasised 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 monetisation and privatisation of most of the sectors.

The US-India Business Council was formed in 1975 as a business advocacy organisation to enlighten and encourage the private sectors of both India and United States to enhance investment flows.

The Council helps in making business between the United States and India easier, more efficient, and more profitable.

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