Thu, 29 Jul 2021

FM addresses US-India business roundtable

17 Jul 2021, 04:03 GMT+10

New Delhi [India], July 16 (ANI): Union Finance Minister Nirmala Sitharaman 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 was conducted through video conferencing which 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 USD 500 billion in two-way trade.

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 make the country an attractive destination for foreign investment and how India continues to rise as a global economic powerhouse.

She mentioned 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.

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 to a 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; and Tremendous potential of Innovation and RD." (ANI)

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