FM Sitharaman Pitches Collaboration With US At Silicon Valley

Ms. Sitharaman mentions that India is world's fastest growing economy

Washington: Ahead of the meeting, Finance Minister Nirmala Sitharaman at the Silicon Valley invited investors to be part of the country's growth story while pitching for collaboration with the US in financial services and emerging technologies.

While speaking at a round table hosted by the Confederation of Indian Industry (CII) and the US Chamber of Commerce's US-India Business Council (USIBC), she said financial technology (fintech) represents a unique opportunity for sustainable and inclusive growth.

The Finance Minister told a group of eminent corporate executives in the Silicon Valley, "With a growth forecast of almost 8 per cent in FY 2023, India is likely to remain the world's fastest growing major economy over the next few years, driven by the continued expansion of its technology and start-up ecosystems."

Moreover, she added that she invited leading investors to become part of the India growth story, "The US-India collaboration in financial services and emerging technologies will support increased investment and innovation, and fintech represents a unique opportunity for sustainable and inclusive growth."

Moderated by Atul Keshap, president, USIBC, the executive gathering was also joined by Dr V Ananth Nageswaran, Chief Economic Adviser, Government of India; Taranjit Singh Sandhu, Indian Ambassador to the United States; Rajat Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance; and Nilesh Shah, chairman, CII National Committee on Financial Markets.

"There is a fintech revolution happening in India. As a country that runs the largest financial inclusion programme in the world to the country that has the highest fintech adoption rate globally to the highest number of real time online transactions globally, India has a lot to offer to the world," said Mr. Sandhu.

"The financial sector in India has recently seen PM-guided and FM-led reforms. We hope that the US venture capitalists, endowment funds and asset management companies look at India to start their new journey or scale up existing operations and partner and grow," he said.