Huge potential for investors and industry stakeholders in India: Sitharaman
Finance Minister Nirmala Sitharaman has said that with the current reset in the global supply chain and a clear-headed and committed leadership in the country, opportunities are abundant in India for all investors and industry stakeholders. Sitharaman arrived in New York late Friday night after her visit to Washington DC, where she attended the annual meetings of the World Bank and the International Monetary Fund.
“With the current reset in the global supply chain and clear leadership and committed leadership in India, I see opportunities in India for all investors and industry stakeholders,” Sitharaman said in her address to global business leaders and investors in a roundtable. said during Industry body FICCI and US-India Strategic Partnership Forum on Saturday.
There has been a tremendous growth of startups in India and many are now raising money through the capital market. This year alone, more than 16 of them will qualify as unicorns, she said.
The Finance Minister said that India has taken full advantage of the potential of digitization even in the most challenging times.
The role of technology in the financial sector has been able to push the limits of financial inclusion and fintechs are playing a vital role in this sector, he said in the round table, the finance ministry tweeted.
Sitharaman also met Mastercard Executive Chairman Ajay Banga and Mastercard CEO Michael Miback, FedEx Corporation President and Chief Operating Officer Raj Subramaniam, Citi CEO Jane Fraser and IBM President and Chief Executive Officer Arvind Krishna, Executive Vice President and CEO of Prudential Financial, Inc. Also met with heads of international businesses. Scott Sleister and Legatum Chief Investment Officer Philip Vasiliou.
After his meeting with Sitharaman, Banga said India is on a “great path and trajectory” with its continued reforms and can see great momentum.
“I am particularly impressed by the production-linked incentives that have been implemented,” he said, adding that they can make a big difference in the way labor-intensive industries develop in India.
“I am very hopeful that it is not just one reform, but the series of reforms that are on-going can put India on the path. I believe there will be a lot for India to participate in the supply chain. There are opportunities and it could be of great help in the next few years to bring good jobs to India, Banga said, adding that she is “creatively optimistic” about what India is doing.
Miback said he shares Banga’s optimism. Describing his discussions with Sitharaman as “very constructive”, he said, “it further fuels optimism” and added that Mastercard will continue to invest in India.
Subramaniam said that FedEx’s business in India is getting stronger. He said, ‘We are very bullish about India. The fact that we have a global air network puts us in a critical position to be able to help move COVID-19 related content to India when needed.
“Looking ahead, we are very optimistic on India where it has potential, the fastest growing large economy and the growing business environment.”
Fraser said the city has a “very proud and very long history” in India.
“We are happy to see the strength of the recovery happening on the ground there. Obviously, there are a lot of concerns about supply chain disruptions at this point in time” but it is around the world.
“We are very positive about the opportunities for the country. We are seeing a real pickup in cross-border flows. India is not only going to benefit from the supply chain movement across the globe” and this is an important one for many MNCs. Might be the destination who want to scale up their operations globally.
He said the digitization that India has undertaken is “really impressive” and “it will be one of the major hubs of digital trade and digital services in the world and a standard going forward.”
(with inputs from PTI)
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