Nirmala Sitharaman will interact with CM and Lt. Governors on Growth Vision
Economic Growth had slowed down in the pandemic time. However, after the Initial quarter of the current fiscal, the economy has flew up again with a great boost of recovery which is clearly visible. Number of economy indicator bars are now at pre-pandemic levels. Projections of IMF and World Bank peg India’s GDP growth to about 9.5% and 8.3% respectively, It is one of the fastest growing economies.
While the investor sentiment is good, there is a need to capitalise on the momentum already created. First four months of FY 2021-22 have already witnessed inflows of $64 billion Foreign Direct Investment (FDI).
Government of India in its Union Budget 2021-22 has given further impulsion to inflow of foreign investment capital through various procedures, removing obstacles and provide them necessary incentives.
Finance Minister Nirmala Sitharaman will discuss the matters with CMs, FMs and Lt. Governors of UTs by virtual conference medium on 15th November, 2021.
Secretaries of Government of India Line Ministries, Chief Secretaries and Financial Secretaries of States will also take part in the conference.
The FM seeks to embark on a collaborative growth vision for the Nation and encourage an open exchange of ideas centered on enhancing the investment climate of the country. The envisaged interaction will attempt to create a policy discourse and a facilitative environment for inward investment-led growth.
This will be enabled by a pro-active approach to investment promotion, efficiencies brought about by Ease of Doing Business reforms, and an emphasis on accelerating approvals and clearances up to Urban Local Bodies (ULB) levels.
After the interaction, States may exchange their ideas and vision for increasing the investment criteria, leading to a broad consensus regarding the trajectory to be undertaken for India to make it the fastest growing economy.
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