FM to interact with CM, State finance ministers and LGs today

Union Finance Minister Nirmala Sitharaman will interact with Chief Ministers, State Finance Ministers, and Lieutenant Governors of Union Territories through virtual conference mode today. Secretaries of the Government of India in different Ministries, Chief Secretaries and Financial Secretaries of States will also join the conference. During the meeting, the Discussion will be centered on creating an enabling ecosystem for increased pro-active facilitation for investments besides topics of energizing growth, reforms, augmenting investments, and creating a reform-focused business climate

Growth had slowed down during the COVID-19 pandemic. However, after the first quarter of the current fiscal, the economy has picked up again with green shoots of recovery clearly visible. Several economic indicators are now at pre-pandemic levels. Projections of IMF and World Bank peg India’s GDP growth to about 9.5 percent and 8.3 percent, as one of the fastest-growing economies.

Finance Ministry said, while the investor sentiment is good, there is a need to capitalize on the momentum already created. The first four months of Financial Year 2021-22 have already witnessed inflows of 64 billion dollars Foreign Direct Investment FDI. The government in its Union Budget 2021-22 has given further impetus to inflow of foreign investment capital through streamlining procedures, removing roadblocks, and providing necessary incentives.

Sitharaman 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 levels. Through the interaction, the States are expected to share their ideas and vision for enhancing the investment climate, leading to a broad consensus regarding the trajectory to be undertaken for India to become the fastest-growing economy.