Sitharaman meets US CEOs, asks them to invest in India


Finance minister Nirmala Sitharaman participated in 4th G20 Finance Ministers and Central Bank Governors (FCMBG) Meeting under G20 in Washington DC.

The FMCBGs on Wednesday discussed developments in a global economy, global commons, support to vulnerable countries & International Taxation.

The FM noted that for recovery, ensuring equitable vaccines for all is a significant challenge and keeping up the support, building resilience, enhancing productivity and structural reforms should be our policy goals.

For taking forward discussions on climate change, the Finance Minister noted the centrality of UNFCCC & that failure in fulfilling existing international commitments on climate finance and technology weakens our collective efforts. The FM asked for climate justice to guide further discussions.

Sitharaman appreciated OECD for providing support for the agreement as set out in the Statement on a two-pillar solution. This agreement helps to address tax challenges arising from the digitalization of the economy and in dealing with Base Erosion and Profit Shifting issues.

Later in the day, the FM also addressed the Roundtable organized by USIBC and FollowCII in Washington D.C., US. It was attended by CEOs and business leaders from insurance, private equity, technology, energy and pharma sectors amongst others.

Business leaders thanked the minister in laying down the vision for future growth and congratulated the Government in steering the economy during the COVID-19 pandemic and expressed keen interest in scaling up their investments in India.

As part of her US visit, Sitharaman is also meeting heads of various corporations to explore various investment potentials and make in India initiatives. As part of this, she met Curtis L. Buser, Chief Financial Officer, OneCarlyle, in Washington D.C. Government’s initiatives towards business reforms like creation of institutional framework in CBM, NMP, work towards InvestmentCharter & a spectrum of opportunities at IFSC, GIFTCityGujarat was mentioned. FM underlined the company’s interest to invest in India.

Sitharaman also met B. Marc Allen, Chief Strategy Officer, Boeing. The discussion was broadly in the areas of skilling, research and development (R&D), manufacturing automation, innovation and the aerospace sector.

As part of the meetings with top CEOS of American companies, the FM also met Milind Pant, CEO, Amway and Stanley C. Erck, CEO, Novavax.

The focus of discussion ranged in the areas of research and development (R&D), manufacturing automation, innovation and nutrition segment. Initiatives like #NMP, recently launched #NationalInfrastructureMasterPlan #GatiShakti & spectrum of opportunities at #IFSC, #GIFTCityGujarat was mentioned. FM underlined the companies interest to invest in India in the coming years.