(Last Updated On: October 18, 2021)

In India, continued recovery in global supply chains opens up many opportunities for investors and industry players, says Nirmala Sitaraman.

With the continued recovery of global supply chains and clear and committed leadership in the country, India offers many opportunities for all investors and industry players, said Finance Minister Nirmala Sitaraman.

Sitharaman arrived in New York late Friday following a visit to Washington, where he is attending the annual meeting of the World Bank and International Monetary Fund (IMF).

“Given the current reorganization in global supply chains and the clear and committed leadership in India, I see a lot of opportunities in India for all investors and stakeholders in the industry,” Sitharaman said in his address to global business leaders and investors here from The FICCI Chamber of Industry and the US-India Strategic Partnership Forum are here on Saturday.

Nirmala Sitharaman

Startups in India have grown rapidly and are now raising a lot of money through the capital markets. This year, more than 16 of them will qualify as unicorns, he said.

India has fully harnessed the potential of digitization even in the most difficult times, the finance minister said.

The role of technology in the financial sector makes it possible to push the boundaries of financial inclusion, and fintech plays a key role in this area, he said at the roundtable, the Treasury Department tweeted.

Sitharaman also met with Mastercard CEO Ajay Banga and Mastercard CEO Michael Mibah, FedEx Corporation President and Chief Operating Officer Raj Subramaniam, Citi CEO Jane Fraser and IBM Chairman and CEO Arvin Krishna.

After meeting with Ms. Sitharaman, Mr Banga said that India was on a “good track” with reforms underway and that he could see great momentum.

Nirmala Sitharaman

“I am very impressed with the production incentives that are in place,” he said, adding that they could make a huge difference in the way labor-intensive industries could develop in India.

“I really hope that these are not just reforms, but a number of ongoing reforms that can keep India going. I believe India has many opportunities to participate in the supply chain and this could be very useful in bringing good jobs to India in the next few years,” Banga said, saying he was “constructively optimistic”.

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