The Finance Minister is on a week long visit to America.
Finance Minister Nirmala Sitharaman discussed investment opportunities in India, reforms and other related issues during her meeting with top executives of global companies. In the meeting, representatives of American industry said that they are excited about investing in the country. Sitharaman is currently on a week-long visit to the US to attend the annual meetings of the World Bank and the International Monetary Fund (IMF) as well as the G20 Finance Ministers and Governors of Central Banks (FMCBG) in Washington. are in.
Sitharaman is also expected to meet US Finance Minister Janet Yellen during her official visit to the US. After arriving in New York on Monday, Sitharaman traveled from there to Boston, where she would meet investors and top executives of global companies at a round table meeting organized by FICCI and the US-India Strategic Partnership Forum (USISPF).
Sitharaman met the heads of these companies
Prominent US industry figures meeting the minister in Boston include Bain Capital Co-Chairman Stephen Pagliuca and Co-Managing Partner John Connaughton; Edmund DiSanto, Executive Vice President, Chief Administration Officer and General Counsel, American Tower Corporation (ATC); Perkin Elmer’s chairman and chief executive officer was Prahlad Singh. Top executives of the companies expressed their confidence in the Indian economy and the ongoing reforms in the country, saying that they are excited about investing in the country. Sitharaman also attended a dinner hosted by former US Treasury Secretary Lawrence Summers where many other eminent personalities from the fields of economics, public policy, finance and development were present.
Opportunities in the Healthcare Industry
“The finance minister made clear the country’s intention to be more inclusive in growth and development,” Prahlad Singh said after a meeting with Sitharaman in Boston. Singh said that India’s healthcare industry is ready for investment. He said that amid the COVID-19 pandemic, the products developed at the company’s establishments in Goa are being used and exported outside the country for testing COVID-19. Singh said, “So this is a very good example of how we can use and leverage inclusive growth which the Finance Minister pointed out and also said that India is a major contributor to our growth as a company. What is he doing to use his abilities and skills? He also made this point from the point of view of the country.
mention of government incentives for innovation
During the meeting, Sitharaman mentioned government incentives and initiatives to promote innovation in the fields of biology and R&D in the pharmaceutical sector. In his meeting with Edmund DiSanto, Executive Vice President of American Tower Corporation (ATC), the Finance Minister highlighted reforms including the National Monetization Pipeline (NMP) for private sector investment.
Investors’ holdings have strengthened due to the recent decision
DiSanto said the Indian government’s steps on reforms sent a “very strong message” to Western investors. He said these measures put India in an “extremely favorable position” regarding financing. He said, “I think the recent steps taken by the Indian government have sent a very strong message to the world of Western investors, which indicate a new receptivity and a new system. With India attracting $81.72 billion in Foreign Direct Investment (Fixed Deposits) during the financial year 2020-21, DiSanto said, “I think the policies have been very successful and we welcome the kind of reforms that have been taken. They are looking to further improve the situation to encourage investment.”
Will have to search for a new medium of energy
Peter Lavoy, Senior Director of International Government Relations for Asia-Pacific Region at ExxonMobil, said companies such as ExxonMobil are working closely with India to help meet Prime Minister Narendra Modi’s goal of making the country energy independent by 2047. Looking forward to working together. These companies can help the country in finding clean sources of energy. Lavoy said, “The whole world is now going through a transition in energy. It has to find clean sources of energy to reduce the problems of climate change. He said that India is experiencing another energy transition and it still has to provide affordable, accessible, safe energy to its population.
Bain Capital willing to invest in India
Top executives at Bain Capital, which has invested nearly $5 billion in Indian companies, said the US private investment firm looks forward to making “more investments” in the country and the next decade will be a great opportunity for both India and the US to build businesses on a global basis. It will be very important for us to work together. Bain Capital co-chairman Stephen Pagliuca and co-managing partner John Connaughton also met Finance Minister Nirmala Sitharaman in Boston on Monday. Pagliuka described the meeting as “excellent” and said that the financial services district of Gujarat (Gift City) was also discussed in the meeting.
Praised reforms taking place in India
Connaughton said, “We have been working in India for over 12 years and seeing the reforms taking place in India encourages us to intensify our investment activity there, especially in the broad areas we are participating in such as: that banking, outsourcing and pharmaceutical sectors.” “We are looking forward to investing more. We have already invested $5 billion and we are seeing a spurt in that.” Pagliuca said that markets can be made more business-friendly and “I think that is what is happening in India at the moment. This will create a very attractive environment for foreign direct investment in India.
Also met Indian Overseas students
During her visit to Boston, Sitharaman also interacted with representatives of Indian Overseas Scholars and Students, a network of scholars, students and young professionals from India based around the world. The finance ministry said the participants included teachers and students from various institutions, including Harvard Medical School, MIT Sloan School of Management, Tufts University and Boston University.
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