Continuous reforms make India great place to do business

Union Finance Minister Nirmala Sitharaman
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 Union Finance Minister Nirmala Sitharaman

Highlights

Asserting that continuous reforms make India a great place to do business, Union Finance Minister Nirmala Sitharaman has invited global investors to take advantage of the recent FDI reforms, the privatisation policy and the performance linked incentive (PLI) scheme

New Delhi: Asserting that continuous reforms make India a great place to do business, Union Finance Minister Nirmala Sitharaman has invited global investors to take advantage of the recent FDI reforms, the privatisation policy and the performance linked incentive (PLI) scheme.

Speaking at the Global Investors Roundtable organised by the US-India Strategic Partnership Forum (USISPF), the Finance Minister said the fiscal situation is under control and is expected to improve further and emphasised the strong fundamental of the economy.

The fiscal deficit for 2020-21 was at 9.3 per cent of the gross domestic product (GDP), lower than 9.5 per cent estimated by the Finance ministry in the revised Budget estimates.

Covid-19 and its aftermath has shown the Indian economy's resilience, Sitharaman said, adding that the highest ever Goods and Services Tax (GST) collection shows the bright spot and indicates greater formalisation of the economy and tax compliance.

While speaking to foreign investors such as Mastercard, MetLife, Prudential, Dell, SoftBank and Warburg Pincus, she said that 15 new unicorns in 2021 itself reflects the growing startup ecosystem in India to be amongst the best in the world, the ministry said in a statement.

The minister stated that the country is committed for a long-term relationship with US investors and proposes to meet twice yearly.

Macro-economic stability, infrastructure-led economic growth opportunities, financial sector reforms, and positioning as a strong player in global supply chain are just some of the ways India continues to rise as a global economic powerhouse, Sitharaman said.

She informed investors about the significant drop in new Covid infections in the country and decline of the second wave, and vision to make India self-reliant (Aatmanirbhar Bharat).

There has been continued macro-economic stability and resilience in the economic recovery in recent months, and steps have been taken for infrastructure led to economic growth, the minister said.

She said multi-sectoral opportunities have been created for investors and there has been a strong track record of reform implementation in the last six years.

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