Lauding India’s “capitalist respecting environment,” Union Finance Minister Nirmala Sitharaman said investors can find no better place to allocate their funds. Addressing international investors at an interaction session at the IMF’s headquarters in Washington, the Finance Minister also said that the government was continuously working to bring reforms.
“So you will not have anything better… democracy-loving, capitalist respecting environment… in India,” Sitharaman said, adding that even if the court system is a bit delayed, India is a transparent and open society.
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 of the cap. She, however, said she will not be able to give them an assurance at this point of time but will work on the matter.
“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 rule of law,” 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.
Govt working to resolve economic slowdown: Sitharaman
On the economic slowdown in the country, 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 in order to boost consumption, the government has very clearly said public expenditure for infrastructure will be clearly front-loaded, Sitharaman said. “Similarly, for increasing money in the hands of the people so that consumption can improve, I’ve requested all the building sector banks together with their partners, non-banking, financial companies to reach out to villages, reach out to districts and extend every kind of credit that they would want,” Sitharaman said. This has to be a continuous system till the time the economy really shows a substantial uptick, she added.
‘Details of investment in Jammu and Kashmir would be available very soon’
Stating that the government is keen to make sure that the full potential of Jammu and Kashmir from various different aspects is achieved, Sitahraman said the details of plans to attract more investments in the Valley will be made public soon. The minister listed out the investment possibilities Jammu and Kashmir carries in different sectors like tourism, fine arts, handicrafts, woodwork, carpets, silk, production of saffron and apple.
The government is slowly phasing out the restrictions imposed in the Valley since August 5 — when India scrapped Jammu and Kashmir’s special status and bifurcated it into two Union Territories — Jammu and Kashmir and Ladakh. Earlier this week, the administration lifted the tourist advisory issued days before August 5, asking tourists to leave the Valley. Curbs on post paid movile services were also lifted
(With inputs from PTI)