Nirmala Sitharaman At G20 About Indian Economy 2023
India is an attractive destination for businesses, featuring a robust combination of factors necessary for economic growth, according to Finance Minister Nirmala Sitharaman. Speaking at the Raisina Dialogue in New Delhi, Sitharaman cited the country’s middle class, captive market, purchasing power, technology-driven public investment and products, digital infrastructure and rule of law as key factors driving its sustained growth.
KEY POINTS
- Nirmala Sitharaman stated that India is an attractive destination for businesses, citing several factors that make the country a hub for growth.
- These factors include a middle class with considerable purchasing power, a captive market, and investments in technology-driven products and public infrastructure.
- She also noted that the government is not selling public assets, as has been suggested by opposition critics, and that there are no sectors in India that are not open to the private sector.
- Sitharaman also highlighted India’s voice in the Global South at G20 and the need for both adaptation and mitigation in climate finance.
- She also commented on the government’s AtmanirbharBharat initiative, stating that it is not a protectionist measure, but rather a way to promote trade and investment through “friendshoring.”
- The approach of “friendshoring” involves relocating supply chains to countries viewed as political and economic allies.
- Finally, Sitharaman expressed her satisfaction with the government’s response to the COVID-19 pandemic and its efforts to sustain India’s economic growth.
CONCLUSION
Overall, the Finance Minister’s remarks suggest that India is a promising destination for businesses and investors looking to capitalize on the country’s growing middle class, burgeoning digital infrastructure, and pro-business policies.
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