Several companies expressed support for frameworks that would allow the private sector to leverage digital payments data to expand financial inclusion and develop new financial products and credit instruments for the Indian market
Asserting that India meets the requirements of a fair and transparent economy, Union Finance Minister Nirmala Sitharaman has urged American businesses to invest in the country. Addressing a business roundtable organized by US India Business Council, with representatives of top US companies, the finance minister said India, under the current government, is creating opportunities for global industry to participate in the nation’s growth story.
In her remarks, Sitharaman emphasized that policy consistency and pursuit of reforms despite the pandemic have been a hallmark of the government’s approach. Highlighting the impact of digitalization and economic formalization at length, Sitharaman said that due to its achievements in transitioning to digital payments and integrating the informal sector, India meets the requirements of a fair and transparent economy.
She invited the investor community to make the most of the opportunities that India has to offer, now and going forward. In his remarks, Indian Ambassador to the US, Taranjit Singh Sandhu said as the President of G20, India is committed to multi-stakeholder engagement. “We are trying to be a voice not only for the people who are in the room, but those who are outside of it. G20 is touching all stakeholders,” he said.
Stating that US and India bilateral trade last year crossed $190 billion, Sandhu underscored that Ministry of Finance seeks the business community’s ideas and candid feedback as they seek to continue progress on the economic partnership.
Atul Keshap, USIBC president, said,“We have seen some great achievement on the liberalization agenda during her tenure—our members are optimistic that continued momentum can yield more concrete results in the ease of doing business and improving India’s investment environment and deal flow that can help boost India’s GDP and the well-being of all of its people.”
R Dinesh, president Designate of the Confederation of Indian Industry said, “Policy consistency and the speed of reforms have helped India become the world’s fastest growing major economy even amidst this global turmoil.” Welcoming the finance minister to the US Chamber of Commerce, Todd Skinner, president, International of TransUnion, emphasized the importance of industry consultations like the roundtable to facilitating international investment.
“Government of India’s dialogue with the private sector shows that it understands business can be a critical partner in India’s economic and social development. TransUnion is focused on helping achieve these goals and working closely with the finance ministry, especially in efforts to establish a national financial information registry that supports expanded access to credit,” he said.
Guru Bandekar, global vice president of Supply Chain Management at Carrier said, “Carrier continues to look at India as a strategic market to drive innovation and develop world-class products. We continue to explore opportunities to build upon our long-standing presence in the Indian market.” During the roundtable, industry executives exchanged views with the finance minister where they raised opportunities to further enhance India’s investment ecosystem, including policies that could deepen India’s capital markets and enable Indian startups to tap global investment via direct overseas listings.
The potential of India’s digital public infrastructure such as its Unified Payments Interface was a recurring theme, especially when it encourages and complements private sector innovation. Several companies expressed support for frameworks that would allow the private sector to leverage digital payments data to expand financial inclusion and develop new financial products and credit instruments for the Indian market.
USIBC highlighted the simplification of Know-Your-Customer processes and establishment of a national financial information registry as key actions that could further develop India’s standard-setting FinTech ecosystem.