Amid global headwinds, India seen as an oasis of stability and calm, says FM

Speaking at Global Investors’ Meet, Nirmala Sitharaman said the country’s economy has its own challenges but they are not as severe as those seen by other nations

Published - November 02, 2022 09:57 pm IST - Bengaluru

Union Finance Minister Nirmala Sitharaman with Chief Minister Basavaraj Bommai, Governor Thaawarchand Gehlot, Union Ministers Piyush Goyal, Prahlad Joshi, Industries Minister Murugesh Nirani, and Pramoda Devi Wadiyar of the Mysuru royal family, Karan Adani, CEO of Adani Ports and SEZ, Rajan Bharti Mittal, vice-chairman and MD of Bharti Enterprises, Sajjan Jindal, chairman of JSW Group,  during the inauguration of Invest Karnataka 2022 - Global Investors Meet, at Palace Grounds, in Bengaluru on November 2, 2022.

Union Finance Minister Nirmala Sitharaman with Chief Minister Basavaraj Bommai, Governor Thaawarchand Gehlot, Union Ministers Piyush Goyal, Prahlad Joshi, Industries Minister Murugesh Nirani, and Pramoda Devi Wadiyar of the Mysuru royal family, Karan Adani, CEO of Adani Ports and SEZ, Rajan Bharti Mittal, vice-chairman and MD of Bharti Enterprises, Sajjan Jindal, chairman of JSW Group, during the inauguration of Invest Karnataka 2022 - Global Investors Meet, at Palace Grounds, in Bengaluru on November 2, 2022. | Photo Credit: K. MURALI KUMAR

Despite the global head winds, India is seen an oasis of stability and calm as the country has been able to keep challenges away by carefully firewalling the economy and keeping itself attractive for investments, said Finance Minister Nirmala Sitharaman, at the Global Investors’ Meet (GIM), a three-day investment exposition hosted by the Government of Karnataka here on Wednesday.

The Finance Minister said, during a recent visit to the U.S, investors had told her that India seemed like “an oasis of stability and calm” amid global macroeconomic headwinds. “It only shows that our country is clearly an attractive destination for investors even as industries and investors are moving out of China and Europe as these geographies are going through trying times, ‘‘ she said at the inaugural session of GIM.

Ms. Sitharaman said the country’s economy has its own challenges but they were not as severe as those seen by other nations.

State’s policies constant

Commenting on the capacities built by Karnataka in terms of business attraction and ease of doing businesses, she further said, Karnataka has carefully reflected the policies of the Union government and it also made sure its policies remained constant.

Karnataka has been a leader in several business domains other than IT and ITES, she said. For instance, the State was a dominant player in renewable energy with a share of 63%. It was the EV innovation hub, plus it was home to seven auto original equipment manufacturers, over 50 auto component manufacturers and 45 EV startups. In addition to these, the State was also moving at a fast pace in sectors such as mines and infrastructure, she added.

“All these made Karnataka more nimble footed and attractive as far as business development issues are concerned,’‘ she told a large audience of investors and enterprises.

Our competition is global: CM

Speaking on the occasion, Chief Minister Basavaraj Bommai said, “Our competition is global. After COVID-19, the economic scenario globally has changed. Countries who were giants are fighting high inflation and recession. China Plus One is the buzzword and such destinations are very few. India is the major destination. We are going to convert this into an opportunity. The investment on paper should be on the ground.’‘

Mr. Bommai said, “We are expecting over ₹5 lakh crore investment and already the State High level Committee has given clearance for investment of over ₹2.8 lakh crore. This is our commitment to our investors and we are going to distribute the certificate of investment.”

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