Finance Minister Nirmala Sitharaman has invited global investors to be a part of India's growth story. Addressing the Business Roundtable meeting organized by the US-India Business Council and CII in the US, Sitharaman said that despite all the disruptions, India will be the fastest-growing country in the world in the year 2023 and this pace of development will continue even further. Will continue On his call, the world's big investors and entrepreneurs present there assured him of investment.
In the conversation with the Finance Minister regarding investment, entrepreneurs mainly related to clean energy, semiconductor, green steel, waste to energy, and carbon capture sectors showed investment interest. The Finance Minister has gone to America to attend the World Bank and IMF meeting. Speaking on the occasion Himanshu Saxena, CEO, of Starwood Energy said that we are ready to participate in the next phase of India's development. Bloom Energy CEO KR Sridhar said that America is ready to work for energy security in India with its advanced technology. Semiconductor sector entrepreneurs also showed interest in investment and technology partnerships in India.
It is organizing a three-day global conference on semiconductor manufacturing in Bengaluru from April 29, in which several US companies related to semiconductors are participating. America can play an important role in semiconductor manufacturing in India. In such a situation, meeting with entrepreneurs of the semiconductor sector with Sitharaman in the Silicon Valley of America is considered very important.
Also asked to invest in the financial sector
The Finance Minister asked the entrepreneurs of Silicon Valley there for technology partnership and investment with India in the financial sector as well. He said that the FinTech sector is growing rapidly in India and this partnership will further strengthen financial inclusion. After the roundtable meeting, the Finance Minister also met with many CEOs of global companies. These include Uber CEO Dara Khostrovshahi, First Solar's CE Mark Widmer, and Western Digital's Senior Vice President Dan Steer. The CEO of First Solar said that soon his Indian plant will come into operation, which will be a very low-cost factory. First Solar has invested $700 million in India.
Demand to allow NRI OCI to invest in Indian stock markets
FIIDS, a premier body of overseas Indians, on Monday asked Finance Minister Nirmala Sitharaman to allow Overseas Indians (NRIs) and Overseas Citizen of India (OCI) cardholders to invest in Indian stock markets.
The Foundation for India and Indian Diaspora Studies (FIIDS), US, said such a move would further boost the Indian economy through investments from the global Indian community. FIIDS is a US-based organization that works to promote Indo-US relations. FIIDS, in its memorandum to Sitharaman, said in a recent survey, that 88 percent of the overseas Indian community supported the move. The institute also urged for an extension of the Double Taxation Avoidance Agreement (DTAA) to avoid paying tax in the US on income generated in India.
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