With the current reset in the global supply chain and clear-headed and committed leadership in India, there are numerous opportunities for all investors and industry stakeholders, according to Finance Minister Nirmala Sitharaman.
At the round table conference, the Finance Minister of India, Ms. Nirmala Sitharaman, stated that India has wholly realized the benefits of digitization even in the face of adversity due to Covid 19. FinTech’s are helping to push the boundaries of financial inclusion, thanks to the role of technology in the financial industry.
Ms. Sitharaman also met with Ajay Banga, Executive Chairman of Mastercard, and Michael Miebach, CEO of Mastercard; FedEx Corporation President and Chief Operating Officer Raj Subramaniam, Citi CEO Jane Fraser, and Arvind Krishna, Chairman and Chief Executive Officer of IBM.
Finance Minister Nirmala Sitharaman views on this matter:
Ms. Nirmala Sitharaman landed in New York late Friday after a trip to Washington, DC, where she attended the World Bank and International Monetary Fund (IMF) annual meetings.
“With the current reset in the global supply chain and clear-headed and committed leadership in India, I see opportunities galore in India for all investors and industry stakeholders.”
Ms. Nirmala Sitharaman, the Indian Finance Minister, said at a roundtable hosted by industry chamber FICCI and the US-India Strategic Partnership Forum on Saturday.
India’s startup scene has exploded, and many are now raising funds through financial markets. She estimates that more than 16 of them will qualify as unicorns this year.
What Mr. Ajay Banga said?
Following his discussion with Ms. Nirmala Sitharaman, Mr. Ajay Banga stated that India is on a “wonderful track and trajectory” with its ongoing reforms and that he can see significant progress.
“I’m particularly pleased by the production-linked incentives that have been put in place,” he added, adding that they can have a significant impact on the development of labour-intensive businesses in India.
“I have high hopes that not just one change, but a series of reforms may keep India on the right track. “I feel there is a lot of possibilities for India to engage in supply chains, and this may be extremely beneficial in bringing decent jobs to India over the next few years.”
Mr. Ajay Banga said, adding that he has a constructively optimistic view of India’s efforts.
Let’s have a look at what the other business stakeholders opine on this:
Miebach described his meeting with Sitharaman as “extremely productive,” adding that it “increases the optimism” and that MasterCard will continue to invest in India.
FedEx’s business in India, according to Subramaniam, is booming. “We have a lot of confidence in India.” “We are looking forward. We are very bullish on where the potential for India is, the fastest-growing large economy and growing trade environment,” says the company.
“We are looking forward; we are very bullish on where the potential for India is, the fastest-growing large economy and growing trade environment.”
Citi has an “extremely proud and very lengthy history” in India, according to Fraser.
“We’re encouraged by the strength of the recovery that’s taking place on the ground there.” Supply chain disruption is causing a lot of concern right now,” but it’s happening all around the world.
“We are highly optimistic about the country’s prospects. We’re noticing a significant increase in cross-border traffic. India will benefit not only from global supply chain mobility, but it will also be an essential destination for many international companies aiming to expand their operations globally.
She described India’s digitalization as “really outstanding,” adding that “it will be one of the world’s key hubs of digital trade and digital services, and a standard-bearer going forward.”