2 min read.Updated: 17 Jul 2021, 07:51 AM ISTLivemint
Nirmala Sitharaman appreciated the efforts of CEOs of top-40 American companies for creating a global task force to mobilise resources for India during the second COVID-19 wave
India's continuous wide-ranging reforms make the country an attractive destination for foreign investments, Finance Minister Nirmala Sitharaman said on Friday while addressing executives of top US companies.
Addressing a round-table organised by the US India Business Council (USBIC) -- attended by representatives from prominent foreign firms like General Electric, Baxter Healthcare USA, Brambles, Marsh & McLennan, PepsiCo, amongst others, the Finance Minister said India and the US have set an ambitious target of achieving USD 500 billion in two-way trade.
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.
Nirmala 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
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, Shri 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.
Speaking at the round-table, Economic Affairs Secretary Ajay Seth highlighted India's progress in areas of policy and taxation.
He emphasised 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 monetisation and privatisation of most of the sectors.
The US-India Business Council was formed in 1975 as a business advocacy organisation 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.
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