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Investors can find no better place in the world than India: Finance Minister
Oct-18-2019

Assuring international investors, Union Finance Minister Nirmala Sitharaman has said investors can find no better place in the world than India that has a democracy loving and capitalist respecting environment. She said ‘India is one of the fastest growing economies even today. It has the best skilled manpower and a government that is continuously doing what is required in the name of reforms, above all democracy and rule of law.’ She added that even if the court system is a bit delayed, India is a transparent and open society. Also, the rule of law works and there are a lot of reforms happening, even those to cut down delays.

For insurance companies, who urged her to remove the cap on investment in this sector, she said the government needs to understand what the expectations of the sector are other than removing of the cap. She would be quite open to it and they could send her the details. Asserting that the government is engaging with everyone on a weekly basis and there is no trust deficit with the corporate sector and investors, she said there is a greater understanding that this government is willing to hear and also wanting to respond. She said the government is committed to maintaining fiscal deficit in India.

Regarding the slowdown in the Indian economy, the finance minister said the government is taking steps to address problems in the stressed sectors. She said ‘though the budget was presented in July, in a year when there was interim budget present before the election, we didn't wait for the next budget to come in February of 2020, almost on a 10-day interval, we have been announcing one or the other intervention with which each of the stressed areas can be addressed.’ Overall in order to boost consumption, the government has very clearly said public expenditure for infrastructure will be clearly front loaded. She also said ‘similarly, for increasing money in the hands of the people so that consumption can improve, I've requested all the building sector banks together with their partners, non-banking, financial companies to reach out to villages, reach out to districts and extend every kind of credit that they would want.’

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