India to become global economic powerhouse: Nirmala Sitharaman

26 Jun 2021 CW Team

Finance Minister Nirmala Sitharaman said that India's rise as a global economic powerhouse is due to macroeconomic stability, infrastructure-led growth opportunities, financial sector reforms, and policy efforts to make it a strong player in global supply chains.

According to a finance ministry statement issued late Thursday night, Sitharaman discussed India's potential for rapid growth and investment opportunities as a result of its wide-ranging reforms, which would position the country as an attractive destination for foreign investors.

India's efforts to combat the Covid-19 pandemic effectively resulted in a significant reduction in new Covid-19 infections in the country. The finance minister joined the roundtable via video conference, which was also attended by foreign investors including Mastercard, MetLife, Prudential, Air Products, Dell, SoftBank, and Warburg Pincus.

The economy entered a technical recession after the 68-day national lockdown. The Indian economy shrank by 24.4% in the first quarter of 2020-21, and by 7.3% in the second quarter.

The Atma Nirbhar Bharat Abhiyan (Self-reliant India Initiative), a Rs 20.97 lakh crore stimulus package, aided a V-shaped recovery. In the third quarter of 2021, the economy grew by 0.5%, and in the fourth quarter, it grew by 1.6%.

Sitharaman informed about moving forward with an overall vision to build a self-reliant modern India guided by five "I"s: intent, inclusion, investment, infrastructure, and innovation.

The Finance Minister stated that the country is committed to a long-term relationship with US investors and proposes meeting twice yearly.

USISPF is a non-profit organisation whose primary goal is to strengthen the bilateral and strategic partnership between India and the US through policy advocacy in the areas of economic growth, entrepreneurship, job creation, and innovation.

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Also read: India received $64 billion in Foreign Direct Investment in 2020: UN

Also read: FDIs in India rise 19% to $59.64 billion in FY21: Govt data

Finance Minister Nirmala Sitharam, at the US-India Strategic Partnership Forum's (USISPF) Global Investors Roundtable, said that the government's Rs 20 lakh relief and stimulus package aided the Indian economy's rapid recovery following the Covid-19 pandemic. Finance Minister Nirmala Sitharaman said that India's rise as a global economic powerhouse is due to macroeconomic stability, infrastructure-led growth opportunities, financial sector reforms, and policy efforts to make it a strong player in global supply chains. According to a finance ministry statement issued late Thursday night, Sitharaman discussed India's potential for rapid growth and investment opportunities as a result of its wide-ranging reforms, which would position the country as an attractive destination for foreign investors. India's efforts to combat the Covid-19 pandemic effectively resulted in a significant reduction in new Covid-19 infections in the country. The finance minister joined the roundtable via video conference, which was also attended by foreign investors including Mastercard, MetLife, Prudential, Air Products, Dell, SoftBank, and Warburg Pincus. The economy entered a technical recession after the 68-day national lockdown. The Indian economy shrank by 24.4% in the first quarter of 2020-21, and by 7.3% in the second quarter. The Atma Nirbhar Bharat Abhiyan (Self-reliant India Initiative), a Rs 20.97 lakh crore stimulus package, aided a V-shaped recovery. In the third quarter of 2021, the economy grew by 0.5%, and in the fourth quarter, it grew by 1.6%. Sitharaman informed about moving forward with an overall vision to build a self-reliant modern India guided by five Is: intent, inclusion, investment, infrastructure, and innovation. The Finance Minister stated that the country is committed to a long-term relationship with US investors and proposes meeting twice yearly. USISPF is a non-profit organisation whose primary goal is to strengthen the bilateral and strategic partnership between India and the US through policy advocacy in the areas of economic growth, entrepreneurship, job creation, and innovation. Image Source Also read: India received $64 billion in Foreign Direct Investment in 2020: UN Also read: FDIs in India rise 19% to $59.64 billion in FY21: Govt data

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