Broad reforms make India an attractive destination for investment: FM Nirmala Sitharaman

India’s ongoing sweeping reforms make the country an attractive destination for foreign investment, Finance Minister Nirmala Sitharaman said on Friday while addressing executives of top US companies. She also mentioned the recently announced stimulus packages; as well as strong, calibrated aid and reforms during COVID, leading to a sharp decline in new infections with the intensification of the vaccination program.

Addressing a round table discussion organized by the US India Business Council (USBIC) — attended by representatives of leading foreign companies such as General Electric, Baxter Healthcare USA, Brambles, Marsh & McLennan, PepsiCo, among others, the Treasury Secretary said India and the US have set an ambitious goal of reaching $500 billion in reciprocal trade.

The continued macroeconomic stability and resilience of the economic recovery in recent months, focus on infrastructure-led economic growth and multi-sector opportunities for investors are some of the key highlights shared by the Treasury Secretary.

India has vibrant and pulsating financial markets, huge investment opportunities in the infrastructure sector and R&D, she added.

She also mentioned this year’s budget initiative regarding: International Center for Financial Services (IFSC) at GIFT City, where the government is committed to developing it into a globally competitive hub for innovation and financial activities to serve the Indian economy and the region as a whole.

She appreciated the efforts of CEOs of top 40 US companies to create a global task force to mobilize resources for India during the second wave of COVID-19.

Speaking at the round table, Economics secretary Ajay Seth emphasized India’s progress in policy and taxation.

He emphasized the e-waybill system that promotes faster and more seamless movement of goods both within and between states. He also spoke about this year’s responsive and responsible budget, aimed at resolving investment and tax assessment issues, monetizing assets and privatizing most sectors.

The US-India Business Council was established in 1975 as a business advocacy organization to inform and encourage the private sector of both India and the United States to increase investment flows.

The Council helps make business between the United States and India easier, more efficient and more profitable.

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