India to contribute and determine shape and direction of global recovery: Nirmala Sitharaman

NEW YORK: During a roundtable on ‘Investment Opportunities in India’ at the New York Stock Exchange (NYSE) Finance Minister Nirmala Sitharaman said that India’s growth is firmly driven by the vision of Atmanirbhar Bharat (self-reliant India), which focuses on strengthening domestic manufacturing and integrating it with global supply chains.

Nirmala Sitharaman added that India’s growth will determine the shape and direction of global recovery. “India is determined to not just contribute to but also determine the shape and direction of the global recovery while redefining its own place in the global economic order,” she said.

An exciting opportunity awaits US investors in the form of India’s maiden International Financial Centre – GIFT-IFSC at @GIFTCity_ in Gujarat. With a unified regulator, the International Financial Services Centres Authority (IFSCA), GIFT-IFSC is a path-breaking initiative of the… pic.twitter.com/YingeEtxI4

— Nirmala Sitharaman Office (@nsitharamanoffc) October 21, 2024

The Finance Minister said that investment in India will give a host of opportunities for growth and returns for investors. “As India undergoes this transformation, I am confident that there will be a host of opportunities for growth and returns for investors. India’s growth going forward is anchored to the vision of Atmanirbhar Bharat that seeks to reinvigorate India’s manufacturing abilities and integrate it with the redefining global supply chains,” the Finance Minister said.

The Finance Minister highlighted the transition the country has undergone in the past decade. “India has emerged as one of the fastest growing economies in the world and has witnessed a profound positive transformation in the last 10 years. By all economic assessments, India is poised to continue its sustained growth trajectory and enhance its contribution to global growth significantly. At the current rate, India is likely to be the world’s third largest economy by 2027,” she said.

“This approach is complemented by significant investments in infrastructure and ongoing efforts to reduce the compliance burden on businesses and citizens,” she added. Nirmala Sitharaman termed improving the ease of doing business parameters and reducing the regulatory and compliance burdens for enterprises in India as New Delhi’s policy cornerstone.

The finance minister highlighted the point that India has positioned itself as one of the fastest-growing economies globally and is on track to become the world’s third-largest economy by 2027. Various pension funds and other institutional investors and fund managers across the US attended the Roundtable at the New York Stock Exchange. (ANI)