Finance Minister Smt. Nirmala Sitharaman addresses US-India Strategic Partnership Forum (USISPF) | Daily Current Affairs 2021

Finance Minister Smt. Nirmala Sitharaman addresses US-India Strategic Partnership Forum (USISPF)

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US-India Strategic Partnership Forum (USISPF)

Finance Minister, Nirmala Sitharaman recently addressed the Global Investors Roundtable organized by US-India Strategic Partnership Forum (USISPF).

Highlights:

  • The USISPF which was held on 24 June 2021 witnessed participation from some of the largest foreign investors, including Mastercard, MetLife, Prudential, Air Products, Dell, SoftBank, and Warburg Pincus amongst others. 
  • The event provided investors with an opportunity to engage with the Union Finance Minister and senior officials of the Indian Government to discuss potential investment opportunities and deliberate on the role of ongoing policy reforms that will enable greater Ease-of-Doing-Business in India.

Details:

  • The Finance Minister remarked that macro-economic stability, infrastructure-led economic growth opportunities, financial sector reforms, and positioning as a strong player in global supply chains are just some of the ways India continues to rise as a global economic powerhouse.
  • While addressing the investor’s meet she asserted that:
  1. The continuous reforms make India a great place to do business.
  2. Covid and its aftermath have shown the Indian economy’s resilience.
  3. The highest ever GST collections shows the bright spot-More formalization of economy and tax compliance
  4. Innovation and R&D got great potential.
  5. New opportunities emerging for foreign investors with recent FDI reforms privatization policy and PLI scheme.
  6. The fiscal situation is under control and expects to improve further.
  7. Fifteen new unicorns in the first 5 years of 2021 itself reflecting a growing startup ecosystem to be amongst the best in the world.

She also invited global investors to take advantage of recent FDI reforms, privatisation policy and performance linked incentive (PLI) scheme in India.

US-India Strategic Partnership Forum (USISPF):

  • USISPF is a non-profit organization.
  • It was set up in 2017 with the objective of strengthening USA-India bilateral and strategic partnership.
  • It aims to strengthen economic and commercial ties between both the countries by policy advocacy.
  • It will lead to boosting economic growth, entrepreneurship, employment-generation, and innovation in order to establish a more inclusive society.

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