Reforms make India an attractive investment destination: Sitharaman

Dubai: India’s continuous wide-ranging reforms make the country an attractive destination for foreign investments, Finance Minister Nirmala Sitharaman said while addressing executives of top US firms.

Union Finance Minister on Friday participated in the roundtable organized by US-India Business Council (USBIC) on “Maximizing India’s Sustainable and Inclusive Growth as Global Destination for US Investment”.

A finance ministry release said the conference conducted through video conferencing witnessed the participation of prominent foreign investors like General Electric, Baxter Healthcare USA, Brambles, Marsh and McLennan Companies, PepsiCo amongst others.

The roundtable provided the investors with an opportunity to engage with the Finance Minister and other senior officials of the Government of India, the release said. The areas of discussion included Life Sciences, Green Energy, Infrastructure, Insurance, Defence, Security, Manufacturing, Renewable Energy, Power, Pharmaceuticals, Textiles and Hospitality and Digital economy.

Sitharaman acknowledged the efforts of CEOs of top-40 American companies for creating a global task force to mobilize resources for India during the second COVID wave. She also mentioned that India and the US have also set an ambitious target of achieving $500 billion in two-way trade.

Stimulus & reforms

She said 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.

Sitharaman informed the investors about India’s consistent and continuous wide-ranging reforms which make the country an attractive destination for foreign investment and how India continues to rise as a global economic powerhouse.

The minister said this year’s budget initiative pertaining to International Financial Services Centre (IFSC) at GIFT City, where the Government is committed to developing it into a globally competitive hub for innovation and financial activities to serve the Indian economy and the region as a whole.

Sitharaman said India is moving ahead with an overall vision to build a self-reliant modern India. The Finance Minister stated that the Nation is committed to a long-term relationship with US Investors.

“Consistent and continuous productive reforms that make India investor-friendly destination; vibrant and pulsating Financial Markets; Enormous investments underway in Infrastructure sector; Covid and its aftermath demonstrating Indian economy’s resilience; and Tremendous potential of Innovation and R&D,” the Finance Ministry said in a statement.