‘Have a look at what’s happening in India’: Nirmala Sitharaman tells global investors

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Finance Minister Nirmala Sitharaman urged investors to look at what is happening in India rather than listening to perceptions built by people who have not even been to the country. She was speaking during a fireside chat at the Peterson Institute for International Economics (PIIE) where she was discussing the growth of the Indian economy. 

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I would think the answer for that lies with those investors who are coming to India, and they’ve been coming. And as somebody who’s interested in receiving investments, I would only say, come have a look at what’s happening in India, rather than listen to perceptions being built by people who have not even visited on the ground and who produce reports,” she said.

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Furthermore, she added in her speech that India and other emerging market economies (EMEs) carry the burden of being an emerging market. The Finance Minister also attributed the post-pandemic revival of the Indian economy to the resilience of the Indian people. 

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“It’s the resilience of Indian people to take it upon themselves, to take the challenge and come out in their businesses despite tragedies at home,” the Union Finance Minister commented. Besides this, she also said that India needs to have resilient value chains. 

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“India needs to have resilient value chains come to India for which we came up with the Production Linked Incentives (PLI) scheme so that those supply chains can thrive in domestic as well as international markets. We’ve incentivised production so that goods produced in India are consumed in India as well as exported to other countries,” she noted. 

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She further urged the World Trade Organisation (WTO) to be more progressive and to give more space to other countries which have something different to say.  “I would like the WTO to be a lot more progressive, a lot more listening to all countries, to be fair to all members,” Sitharaman said.