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K'taka best for industries moving out of China, Europe: Sitharaman
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IANS | 02 Nov, 2022
Union
Minister for Finance Nirmala Sitharaman stated on Wednesday that for
industries which are moving out from China and Europe, Karnataka is the
best place for investments.
Sitharaman was delivering her keynote address at the inaugural session of the three-day Global Investors' Meet (GIM).
"They
are moving out to other destinations which are offering more than just
tax incentives. Karnataka is the major job generator in the country.
While contributing 8.8 per cent to the national GDP, whilst its
population is just five per cent of total national population, 10 per
cent of all formal jobs are created here," she explained.
"I wish
to assure all the investors that the state is absolutely very
nimble-footed, that the policies are kept abreast of the global
developments at a time when all of you are trying to move in. Here is a
state which has showcased itself for its previous achievements, and
assuring that even now and for the next 25 years during Amrit Kal,
Karnataka will be an essential foundation for many investors to come
into India, from here to the entire globe," the minister stated.
"I
would like to draw also from what is evolving around India globally.
All over there is definitely a sense of uncertainty. Immense amounts of
challenges, that is not just for India, every country in the world feels
the headwinds are very strong elements of feeling of certainty
completely absent, even as we all started talking about China plus one,"
she stated.
"When you wanted to diversify the value chains, or
when you wanted to ensure that there is more than one source for the raw
materials or for the intermediary products that you will produce. You
had a global situation of war. The war, especially from countries which
sourced raw materials whether it is fuel, fertilizer or food related.
So, you have these countries at war which are causing insecurity to the
globe particularly in the area of fuel and food.
"As a result,
the countries are readjusting themselves to source these materials from
different parts of the world. That has had a bearing on industries,
economy, trade and global trade as well. The results of these
disruptions were seen in large economies which were essential sources of
raw materials for intermediary products, which were markets to emerging
markets... are all going through huge recessionary doubts.
"They
may technically be at the threshold of recession, but are not really
out of suspense or shock on whether they will be getting into further
rigid recession in the future... With all these uncertainties, I am here
to put it before you because of the careful planning, targeted
facilitation, and fiscal prudence, the Prime Minister led from the front
and made sure that Indian economy will not be severely threatened by
these developments outside.
"As a result of this, between 2020
and today, we seem to have come out to a situation where the challenges
continue, the new challenges are also building up. But, India remains as
an island of calm. We will have our own challenges but not as other
countries as they think India would be threatened by.
"In a way I
have been hearing both during my Washington visit, also through
visitors at New Delhi that India seems to be an oasis of calm and the
challenges are carefully firewalled and that our economy now is very
attractive for investors."
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Customs Exchange Rates |
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