Global economic powerhouse: Sitharaman on stability, infra-led growth and reforms
Sitharaman discussed India’s potential for rapid growth and investment opportunities due to its wide-ranging reforms that would position the country as an attractive destination for foreign investors
India continues to rise as a global economic powerhouse because of macro-economic stability, infrastructure-led growth opportunities, financial sector reforms, and policy efforts to make it a strong player in global supply chains, finance minister Nirmala Sitharaman said at the Global Investors Roundtable organised by the US-India Strategic Partnership Forum (USISPF).
Sitharaman discussed India's potential for rapid growth and investment opportunities due to its wide-ranging reforms that would position the country as an attractive destination for foreign investors, a finance ministry statement issued late night on Thursday said.
She highlighted India's efforts to fight the Covid-19 pandemic effectively that saw a significant drop in new Covid-19 infections in the country, it said. The finance minister participated in the roundtable through video conferencing, which was also attended by foreign investors such as Mastercard, MetLife, Prudential, Air Products, Dell, SoftBank and Warburg Pincus amongst others.
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The finance minister said the government's over ₹20 lakh crore relief-cum-stimulus package helped in rapid recovery of the Indian economy after the pandemic that led to a nationwide lockdown for 68 days since 25 March, 2020.
She underscored the continued macro-economic stability and resilience in economic recovery. The 68-day national lockdown plunged the economy into technical recession. Indian economy contracted 24.4% in the first quarter, and 7.3% contraction in the second quarter of 2020-21. The ₹20.97 lakh crore stimulus package -- Aatmanirbhar Bharat Abhiyan (Self-reliant India Initiative) – helped a V-shaped recovery. The economy expanded by 0.5% in the third quarter and 1.6% in the fourth quarter ended 31 March, 2021.
In her concluding remarks at the forum, Sitharaman spoke about going ahead with an overall vision to build a self-reliant modern India driven by five 'I' -- Intent, Inclusion, Investment, Infrastructure and Innovation, the statement said. "The Finance Minister stated that the country is committed to a long-term relationship with US investors and proposes to meet twice yearly," it added.
USISPF is a non-profit organisation, with the primary objective of strengthening the India-US bilateral and strategic partnership through policy advocacy in the fields of economic growth, entrepreneurship, employment-creation, and innovation.
