Nirmala Sitharaman states Reforms & Schemes make India a great Place for Business

By: WE Staff | Friday, 25 June 2021

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

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

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

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

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

Sitharaman spoke about moving forward with an overall vision of creating a self-sufficient modern India based on the five “Is”: Intent, Inclusion, Investment, Infrastructure, and Innovation.

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

Ajay Seth, Economic Affairs Secretary, emphasised the broad themes of the 2021 Budget and how significant the changes are.

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

The fiscal deficit for 2020-21 was 9.3 percent of GDP, less than the 9.5 percent estimated by the finance ministry in the revised Budget estimates. According to Sitharaman, COVID-19 and its aftermath demonstrated the resilience of the Indian economy, and the highest-ever Goods and Services Tax (GST) collection is a bright spot indicating greater formalisation of the economy and tax compliance.