Union finance minister Nirmala Sitharaman's message to the industry reiterated India's commitment to transparent policy-making, implementing banking reforms in close collaboration with the RBI, creating liquidity flow, exploring ways to bring in private sector investments and deepening economic reforms.
Washington: Union finance minister Nirmala Sitharaman on Wednesday (October 17) said that investors could find no better place in the world than India that has a democracy-loving and capitalist-respecting environment.
Sitharaman also assured international investors at an interaction session at the IMF's headquarters that the government was continuously working to bring reforms.
"It (India) is one of the fastest-growing (economies) even today. It has the best-skilled manpower and a government that is continuously doing what is required in the name of reforms, above all democracy and the rule of law," the finance minister said.
Responding to a question on why investors should allocate funds for India, she said that even if the court system is a bit delayed, India is a transparent and open society.
"So you will not have anything better.. democracy-loving, respecting capitalist environment... in India," Sitharaman said at the event hosted by the Federation of Indian Chambers of Commerce and Industry in association with the US India Strategic and Partnership Forum.
Responding to questions from major insurance companies, who urged her to remove the cap on investment in this sector, she said the government needs to understand what the expectations of the sector are other than removing the cap.
The Union finance minister, however, said she will not be able to give them an assurance at this point of time but will work on the matter.
To a question on the slowdown in the Indian economy, the finance minister said the government is taking steps to address problems in the "stressed" sectors.
"Though the budget was presented in July, in a year when there was interim budget present before the election, we didn't wait for the next budget to come in February of 2020, almost on a 10-day interval, we have been announcing one or the other intervention with which each of the stressed areas can be addressed," she said.
"Overall to boost consumption, the government has very clearly said public expenditure for infrastructure will be front-loaded," Sitharaman added.
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Last Updated 17, Oct 2019, 1:49 PM