Last update: Apr 12, 2023, 02:14am IST
The Indian economy today is transparent, open and observable, Union Finance Minister Nirmala Sitharaman told the American business community on Tuesday, making a strong case for them to come and invest in India and be part of the Incredible growth story of the country.
Addressing a US-India Strategic and Partnership Forum luncheon, Sitharaman told representatives of major US companies that these are the results of innovative and forward-thinking reforms, including digitization, being carried out by Prime Minister Minister. Narendra Modi in the last nine years.
“Digitalization has had a huge impact on the Indian economy, bringing transparency,” Sitharaman said.
Previously, almost 40 percent of the Indian economy was gray.
Today, the government has incentivized many of these transactions, if it’s digital, you get concessions and then you bring people into the digital system.
“Now the Indian economy is not small, (it is) transparent, open, observable if you want to use that word. With all these developments. Therefore, for the next 25 years in the budget, we proposed India to become a hub for artificial intelligence,” he said.
“We have proposed three centers of excellence at major institutions like the Indian Institute of Technology, which would do research on artificial intelligence and discover tools using artificial intelligence, which can make life easier for businesses or households,” the minister said.
“So India wants to lead in the area of artificial intelligence. Apart from that, of course, hydrogen emission was announced in the last budget and in this budget, we have made sure that green hydrogen has all the importance,” he told the US business community.
Referring to the prime minister’s vision of transforming India into a developed economy in the next 25 years, Sitharaman said, the government has specifically identified the next 25 years leading up to 100 years of India free from imperial rule.
“So by 2047, we expect India…to meet the aspirations of our youth…We are looking at a highly educated and potentially young population that will contribute to India’s growth,” Sitharaman said.
“We are looking at a lot of measures and steps that will bring life and rejuvenate the economy, that globally, in every country, you see a reset taking place… One, because of the ways that supply chains were disrupted, there was various reasons that led to a kind of dissolution that occurred in some minds, not all minds on the way that globalization has benefited itself but it has not benefited, it has benefited the majority,” he said.
“If that’s a perception, that’s real, it’s a different story, but you had to go back global with a much more flexible style of work and also bring that belief that capitalism and democracy working together actually eliminated more poverty, they brought many people out of poverty and better livelihoods for all,” Sitharaman said.
Sitharaman is leading a high-level delegation to Washington to attend IMF and World Bank meetings.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)