Finance minister Nirmala Sitharaman on Thursday said that strong decisions taken by the Modi government have ensured steady flow of foreign direct investment (FDI) into the country which is far greater than what comparable economies have attracted during the pandemic. She reminded that FDI is not hot money but reflects the commitment of investors to remain invested in India.
Addressing the annual session of the Indian Chamber of Commerce, she said the government has not shied away from taking bold reforms, including those relating to agriculture and labour codes.
Sitharaman also said that she will ask banks to go for coordinated loans with non-banking finance companies (NBFCs) in line with the State Bank of India.
She reminded the audience that the government was repeatedly asked why it was not taking big reforms as were undertaken in 1991. She said 1991 was a big reform due to the balance of payments crisis but the momentum did not sustain subsequently. “Had bold reforms taken after 1991, the strength of Indian economy would have been far greater than what was there in 2020.”
Source: Business Standard
