Description

Finance Minister Nirmala Sitharaman spoke at a Global Investors Roundtable hosted by the US-India Strategic Partnerships Forum (USISPF) on June 24, 2021. Speaking at a meeting with investors, she stated that ongoing reforms make India a great place to do business.

She also called on global investors to take advantage of recent foreign direct investment reforms, privatization policies and the productivity-related incentive (PLI) system in India. She further stressed that the financial situation is under control and is expected to improve in the coming days, and highlighted the strong foundations of the economy.

COVID-19 has demonstrated the resilience of the Indian economy; the highest GST was collected during the pandemic. This signifies a bright spot and indicates a greater formalization of the economy and tax legislation.

Budget deficit in India

The budget deficit for the 2020-2021 Financial Year was 9.3 percent of GDP (Gross Domestic Product). This was below 9.5% as estimated by the Ministry of Finance in the revised budget estimates.

USA-India Strategic Partnership Forum (USISPF)

USISPF is a non-profit organization formed in 2017 with the aim of strengthening the bilateral and strategic partnership between the United States and India. It aims to strengthen economic and trade ties between the two countries through policy advocacy. This will lead to faster economic growth, entrepreneurship, job creation and innovation with the aim of creating a more inclusive society.

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