FM invites American businesses to invest in India says the country meets requirements of fair transparent economy
Washington, Apr 11 (PTI) Asserting that India meets the requirements of a fair and transparent economy, Union Finance Minister Nirmala Sitharaman urged US businesses to invest in the country.
Addressing a business roundtable organized by the US India Business Council with representatives of top US companies, the finance minister said under the current government, India is creating opportunities for global industrial participation in India’s growth story.
In his remarks, Sitharaman stressed that policy consistency and pursuit of reforms despite the pandemic is the hallmark of the government’s approach.
Elaborating on the impact of digitization and economic formalization, Sitharaman said India meets the requirements of a fair and transparent economy due to its achievements in transitioning to digital payments and integrating the informal sector.
He called on the investment community to take advantage of the opportunities that India offers now and in the future.
India’s ambassador to the US, Taranjit Singh Sandhu, said in his remarks that as the G20 chair, India is committed to multi-stakeholder engagement.
“We try to be a voice not only for those in the room but also for those outside it. The G20 touches all stakeholders,” he said.
Stating that bilateral trade between the US and India crossed US$ 190 billion last year, Sandhu underlined that the Finance Ministry seeks ideas and honest feedback from the business community to ensure continued progress in the economic partnership.
USIBC Chairman Atul Keshab said, “During his tenure we have seen some great achievements in the liberalization agenda—our members remain motivated and confident of delivering tangible results in ease of doing business, improving India’s investment climate and improving deal flow. Help increase India’s GDP and the well-being of all its people.
R. Dinesh, President of Confederation of Indian Industry, said, “Despite this global turmoil, policy stability and speed of reforms have helped make India the fastest growing major economy in the world.”
Welcoming the finance minister to the US Chamber of Commerce, TransUnion’s International President Todd Skinner emphasized the importance of industry consultations such as the Roundtable to facilitate international investment.
“The Government of India’s dialogue with the private sector shows that it understands that business can be a key player in India’s economic and social development. “TransUnion is focused on helping achieve these goals and working closely with the Ministry of Finance, particularly in efforts to establish a national financial information registry that supports expanded access to credit,” he said.
Guru Pandekar, Global Vice President, Supply Chain Management at Carrier, said, “Carrier continues to view India as a strategic market to drive innovation and develop world-class products. We are constantly exploring opportunities to build our long-term presence in the Indian market.
During the roundtable, industry executives exchanged views with the finance minister, where they raised opportunities to further improve India’s investment climate, including policies to deepen India’s capital markets and help Indian startups tap global investment through direct foreign listings.
A recurring theme was the potential of India’s digital public infrastructure such as its unified payments interface, especially while encouraging and complementing private sector innovation.
Many organizations expressed support for frameworks that would allow the private sector to use digital payment data to expand financial inclusion and develop new financial products and credit instruments for the Indian market.
USIBC highlighted simplifying Know-Your-Customer processes and establishing a National Financial Information Registry as key steps that can further develop India’s sustainable FinTech ecosystem.