Nirmala Sitharaman: With the current reset of the global supply chain, many opportunities in India for investors and industry stakeholders: Nirmala Sitharaman


The opportunities are plentiful in India for all investors and industry stakeholders with the current reset of the global supply chain and lucid and committed leadership in the country, said Finance Minister Nirmala Sitharaman.

Sitharaman arrived here Friday evening after her visit to Washington DC where she attended the annual meetings of the World Bank and the International Monetary Fund.

“With the current reset of the global supply chain and clear-sighted and committed leadership in India, I see many opportunities in India for all investors and industry stakeholders,” Sitharaman said during his keynote address. business and global investors at a panel discussion hosted here by the Chamber of Industry FICCI and the US-India Strategic Partnership Forum in New York on Saturday.

Startups in India have grown tremendously and many are now raising funds in the capital markets. This year itself, more than 16 of them will qualify as unicorns, she said.

India has fully harnessed the potential of digitization even during the most difficult times, the finance minister said.

The role of technology in the financial sector is pushing the frontier of financial inclusion and fintechs play a key role in this area, she said at the roundtable, the finance ministry tweeted.

Sitharaman also met with Mastercard Executive Chairman Ajay Banga and Mastercard CEO Michael Miebach, FedEx Corporation President and COO Raj Subramaniam, Citi CEO Jane Fraser and IBM President and CEO Arvind Krishna, Executive Vice President and Head of International Business of Prudential Financial, Inc. Scott Sleyster and Chief Investment Officer of Legatum Philip Vassiliou.

Following his meeting with Sitharaman, Banga said India was on a “right track and trajectory” with its ongoing reforms and that he could see great momentum.

“I am particularly impressed with the production-related incentives that have been put in place,” he said, adding that they can make a big difference in the way labor-intensive industries work in India can develop.

“I am optimistic that this is not just one reform, but that the series of continuing reforms can continue to guide India on the course. I think there are a lot of opportunities for India to participate in supply chains and it can be very helpful over the next few years to create good jobs in India, ”Banga said, saying he was “constructively optimistic” about what India is doing.

Miebach said he shares Banga’s optimism. Describing his discussion with Sitharaman as “very constructive” he said “this further increases optimism” and said MasterCard would continue to invest in India.

Subramaniam said FedEx’s business in India is growing. “We are very optimistic about India. The very fact that we have a global air network puts us in a considerable position to be able to help move COVID-19 related equipment to India when needed.

“We are impatient, we are very optimistic about the potential of India, the fastest growing large economy and growing business environment.”

Fraser said Citi had a “very proud and long history” in India.

“We are delighted to see the strength of the recovery taking place on the ground there. Obviously there’s a lot of concern about the supply chain disruption right now, ”but it’s all over the world.

“We are very positive about the opportunities for the country. We are witnessing a real resumption of cross-border flows. India is going to be a beneficiary, not just of the global supply chain movement ”and this can be an important destination for many multinationals looking to expand their operations globally.

She said India’s digitization is “truly impressive” and “it will be one of the world’s leading digital trade and services hubs and a standard bearer in the future.”

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