democracy-loving, capitalist-respecting India,
India has ‘capitalist-respecting environment’, Nirmala Sitharaman tells investors in US
The finance minister said the details of the government’s policy to attract more investments in Jammu and Kashmir would be available very soon.
Union Finance Minister Nirmala Sitharaman on Wednesday said India has a “capitalist-respecting environment” as she pitched to international investors in the United States. She said the government was continuously working to bring reforms to cut down delays.
“It [India] is one of the fastest growing [economies] even today,” Sitharaman said, adding that there was “no better place” than India for investments. “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.”
On being asked why investors should allocate funds for India, the finance minister said the rule of law works. “So you will not have anything better... democracy-loving, capitalist-respecting 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 at the International Monetary Fund’s headquarters.
Sitharaman said the details of the government’s policy to attract more investments in Jammu and Kashmir would be available very soon. She listed the investment possibilities Jammu and Kashmir carries in different sectors such as tourism, fine arts, handicrafts, wood work, carpets, silk, production of saffron and apples.
The finance minister claimed that there was no trust deficit with the corporate sector and investors. This government is willing to hear and also wanting to respond, she added.
Sitharaman said the government was also committed to maintaining its fiscal deficit in India. Fiscal deficit is the difference between a government’s borrowings and revenues. The Centre has stuck to its objective of containing fiscal deficit at 3.3% of the Gross Domestic Product in the 2019-’20 financial year. On September 22, Sitharaman had said the government did not have plans to revise the fiscal deficit target.
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