India and US set target of achieving $500 billion in two-way trade: Sitharaman

The Roundtable provided the investors with an opportunity to engage with the Finance Minister and other senior officials of the Government of India.

Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman today participated in the Roundtable organized by US India Business Council (USBIC) on “Maximizing India’s Sustainable and Inclusive Growth as Global Destination for U.S. Investment’ through video conferencing which witnessed the participation of prominent foreign investors like General Electric, Baxter Healthcare USA, Brambles, Marsh & McLennan Companies, PepsiCo amongst others.

The Roundtable provided the investors with an opportunity to engage with the Finance Minister and other senior officials of the Government of India. The areas of discussion included Life Sciences, Green Energy, Infrastructure, Insurance, Defence, Security, Manufacturing, Renewable Energy, Power, Pharmaceuticals, Textiles and Hospitality and the Digital economy.

Smt. Sitharaman acknowledged the efforts of CEOs of top-40 American companies for creating a global task force to mobilize resources for India during the 2nd COVID wave. She also mentioned that India and the U.S. have also set an ambitious target of achieving $500 billion in two-way trade. 

Smt. Sitharaman spoke about stimulus packages announced recently which is tailored to meet the basic requirement of investors.  She also informed the investors about India’s consistent and continuous wide-ranging reforms which make the country an attractive destination for foreign investment and how India continues to rise as a global economic powerhouse.  She mentioned this year’s budget initiative pertaining to International Financial Services Centre (IFSC) at GIFT City, where the Government is committed to developing it into a globally competitive hub for innovation and financial activities to serve the Indian economy and the region as a whole.

The broad messages conveyed to the investors were:

Strong, calibrated relief and reforms during COVID leading to a sharp decline in new COVID infection with ramping up of the vaccination programme.

Continued macro-economic stability and resilience in economic recovery in the recent months.

Strengths/advantages of India as an investment destination

Vision to make India ‘Atma Nirbhar’

Steps taken towards Infrastructure led to economic growth

Creating multi-sectoral opportunities for investors.

Strong track record of the Nation towards reform implementation in the last 6 years

In her concluding remarks, Smt. Nirmala Sitharaman spoke about going ahead with an overall vision to build a self-reliant modern India.  The Finance Minister stated that the Nation is committed to a long term relationship with US Investors.  She spoke about:

Consistent and continuous productive reforms that make India an investor-friendly destination

Vibrant and pulsating Financial Markets

Enormous investments are underway in the Infrastructure sector

Covid and its aftermath demonstrated the Indian economy’s resilience

The tremendous potential of Innovation and R&D

Economic Affairs Secretary, Shri Ajay Seth highlighted India’s progress in areas of policy and taxation. He emphasized the e-way bill system which promotes faster and more seamless movement of goods both intra and inter-State.  He also spoke about this year’s responsive and responsible budget focusing on resolving investment and tax assessment issues, asset monetization and privatization of most of the sectors.

(With Inputs from PIB)