India’s ongoing wide-ranging reforms makes the country an attractive destination for foreign investment, Finance Minister Nirmala Sitharaman told executives from major US firms, on Friday.
She also noted recent stimulus packages as well as strong calibrated relief and changes during COVID resulted in a dramatic decrease in new infections, when the vaccination programme was ramped up.
Speaking at a round-table organized by the US India Business Council (USBIC), which was attended by representatives from prominent foreign firms such as General Electric, Baxter Healthcare USA, Brambles, Marsh & McLennan, and PepsiCo, among others, the Finance Minister stated that India and the US have set an ambitious target of USD 500 billion in two-way trade.
The Finance Minister emphasised the importance of maintaining macroeconomic stability and resilience in the recent months, as well as a focus on infrastructure-led economic growth and multi-sectoral possibilities for investors.
She went on to say that India has active and pulsing financial markets, as well as vast investment opportunities in infrastructure and R&D.
She also mentioned the government’s commitment to building the International Financial Services Centre (IFSC) at GIFT City into a globally competitive hub for innovation and financial activities to benefit the Indian economy and the region as a whole in this year’s budget plan.
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Sitharaman praised the efforts of the CEOs of the top 40 American corporations in forming a worldwide task group to mobilise funding for India during the second phase of COVID-19.
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