Finance Minister, Nirmala Sitharaman, addressed the Global Investors Roundtable organised by US-India Strategic Partnership Forum (USISPF) on June 24, 2021.
Highlights
- While addressing the investor’s meet she asserted that; continuous reforms make India a great place to do business.
- She also invited global investors to take advantage of recent FDI reforms, privatisation policy and performance linked incentive (PLI) scheme in India.
- She further highlighted, fiscal situation is under control and is expected to improve in coming days and emphasised the strong fundamental of economy.
- According to her, COVID-19 and its aftermath has shown Indian economy’s resilience. Highest ever Goods and Services Tax (GST) were collected amid the pandemic. It signifies the bright spot and indicates greater formalisation of economy and tax compliance.
Fiscal Deficit in India
Fiscal deficit was at 9.3 per cent of the GDP (Gross Domestic Product) for fiscal year 2020-2021. It was lower than 9.5 per cent estimated by finance ministry in revised Budget estimates.
US-India Strategic Partnership Forum (USISPF)
USISPF is a non-profit organization which 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.