F inance Minister Nirmala Sitharaman on Tuesday called for enhancing the multi-faceted India-US. partnership and cooperation in addressing global economic challenges, including climate change, during her interaction with the United States Treasury Secretary Janet Yellen on the sidelines of the World Bank and IMF Spring Meetings.
Taking the discussions ahead from their last meeting during the Economic Financial Dialogue in India, in November 2022, the two leaders discussed strengthening the India-US economic and financial partnership and increasing engagements at bilateral and multilateral forums. In that context, Sitharaman highlighted the role of the G20, QUAD and India Pacific Economic Forum in fostering this partnership. The Finance Minister also emphasised the importance of coordinated global action to address debt vulnerability in low and middle-income countries, besides the need for financial support to help developing economies achieve their climate goals.
Sitharaman also discussed the prospects of digital public infrastructure providing accessibility for all, including startups, besides supporting growth of fintech. Infor ming Pritzker about the scaling up of digital infrastructure, she attributed this to adoption of technology by common people. The Finance Minister highlighted the opportunities in manufacturing where India has the right kind of skills, including manpower and language proficiency along with a huge domestic market which provides a significant scaling advantage to private sector. Referring to the Union Budget 2023-24, the Finance Minister highlighted the setting up of three centres of excellence in the area of AI, a key focus for the Government.
Earlier addressing an industry roundtable meeting on the theme “Investment opportunities for the long term: India on the Rise” with business leaders and investors, Sitharaman pointed out how in a world full of post-pandemic challenges, India offers policy certainty, skilled manpower, high digital tech adaption rate resulting in a host of opportunities for investment going forward towards Amritkaal.
The roundtable was attended by a diverse set of investors, including senior executives, private sector business leaders, venture capitalists, institutional investors, and representatives of pension and endowment funds. Among those present were USIBC President Atul Keshap, India’s Ambassador to the US Taranjit Sandhu, Chief Economic Advisor V Ananth Nageswaran and senior officials and leaders from the private sector. Calling on businesses to become part of India’s exciting transformational journey towards greater prosperity and higher returns for investors, the Finance Minister apprised Indian and American corporates of the journey of India’s conscious policy choices and structural and governance reforms that laid the foundation for the Indian economy to support growth at its full potential. The Finance Minister highlighted India’s robust digital public infrastructure such as Open Network for Digital Commerce which have enabled small entrepreneurs to access credit and other digital services.
The Finance Minister has also urged foreign investors to come to India and look at the developments happening, rather than listen to perceptions being built by people who have not even visited on the ground and who produce reports.
