FM Addresses US India Business Council (USIBC) Roundtable on ‘Maximizing India’s Sustainable and Inclusive Growth as a Global Destination for U.S. Investment’

Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman on 16 July, 2021 participated in the Roundtable organized by US India Business Council (USBIC) on “Maximizing India’s Sustainable and Inclusive Growth as Global Destination for U.S. Investment’ through video conferencing which witnessed participation of prominent foreign investors like General Electric, Baxter Healthcare USA, 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. The areas of discussion included Life Sciences, Green Energy, Infrastructure, Insurance, Defence, Security, Manufacturing, Renewable Energy, Power, Pharmaceuticals, Textiles and Hospitality and Digital economy.

Smt. Sitharaman acknowledged the efforts of CEOs of top-40 American companies for creating a global task force to mobilize resources for India during the 2nd COVID wave. She also mentioned that India and the U.S. have also set an ambitious target of achieving $500 billion in two-way trade.

Smt. Sitharaman spoke about stimulus packages announced recently which 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 mentioned about 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.

The broad messages conveyed to the investors were:

· Strong, calibrated relief and reforms during COVID leading to sharp decline in new COVID infection with ramping up of the vaccination programme.

· Continued macro-economic stability and resilience in economic recovery in the recent months.

· Strengths/advantages of India as an investment destination

· Vision to make India ‘Atma Nirbhar’

· Steps taken towards Infrastructure led economic growth

· Creating multi-sectoral opportunities for investors.

· Strong track record of the Nation towards reform implementation in the last 6 years

In her concluding remarks, Smt. 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. She spoke about:

· 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

· Tremendous potential of Innovation and R&D

Economic Affairs Secretary, Ajay Seth highlighted India’s progress in areas of policy and taxation. He emphasized 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 monetization and privatization of most of the sectors.

About USIBC

The U.S.-India Business Council was formed in 1975 as a business advocacy organization 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. It connects the two largest democracies in the world and inspires sustainable solutions to business challenges – both local and global.