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Sitharaman engages investors in Silicon Valley
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SME Times News Bureau | 26 Apr, 2022
The Confederation of Indian Industry (CII) and the US Chamber of
Commerce's US-India Business Council (USIBC), co-hosted an exclusive
roundtable for business leaders and investors with Finance Minister
Nirmala Sitharaman in Palo Alto.
The roundtable was
attended by senior executives, private sector business leaders, venture
capitalists, institutional investors, and representatives of pension and
endowment funds, representing combined assets under management of over
$1 trillion.
Moderated by Atul Keshap, President, USIBC, this
executive gathering was also joined by V. Ananth Nageswaran, Chief
Economic Advisor, Taranjit Singh Sandhu, Ambassador of India to the US,
among others.
The roundtable highlighted India's emergence from
the pandemic as one of the world's fastest growing major economies and
outlined the Centre's efforts to support growth by a process of
sustained reforms across sectors, increased capital expenditure
especially in infrastructure, and measures to boost FDI.
"With a
growth forecast of almost 8 per cent in FY 2023, India is likely to
remain the world's fastest growing major economy over the next few
years, driven by the continued expansion of its technology and start-up
ecosystems," Sitharaman said.
"In this context, US-India
collaboration in financial services and emerging technologies will
support increased investment and innovation, and fintech represents a
unique opportunity for sustainable and inclusive growth."
She invited leading investors present in the room to become part of the India growth story.
Sandhu
remarked: "There is a fintech revolution happening in India. As a
country that runs the largest financial inclusion programme in the
world, to the country that has highest fintech adoption rate globally to
the highest number of real time online transactions globally, India has
a lot to offer to the world. The financial sector in India has recently
seen PM guided and FM led reforms.
"We hope that the US venture
capitalists, endowment funds and asset management companies look at
India to start their new journey or scale up existing operations and
partner and grow."
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