Union Finance Minister Nirmala Sitharaman wooed international investors at the headquarters of the International Monetary Fund (IMF) in Washington saying India is a “democracy loving and capitalism respecting” country.
The finance Minister in her interaction with the overseas investors, said that India is a huge market with an environment that loves democracy and yet respects capitalism. She added despite delays in judicial machinery India is still an open and transparent society.
Sitharaman was quoted as saying “India is one of the fastest growing economies even today. India has best skilled manpower and the continuous efforts of the government to bring reforms with democracy and rule of law.
Nirmala Sitharaman reiterated the efforts of government in bringing continuous reforms at various structural and functional levels.
Major companies in insurance sector questioned the Finance Minister regarding the cap imposed on investments in the sector. To which Nirmala Sitharaman responded saying the government needs to understand the expectations of the sector before considering the removal of the cap.
The Finance Minister however assured the government would work on the matter and that she cannot promise anything instantly.
Speaking on the economic slowdown the Finance Minister said the government is working on taking various measures to address the problems in ‘stressed sectors.’ She said that though the government had little time after winning the elections, they did not wait till February 2020 to bring in full-fledged reforms.
Nirmala Sitharaman also said the government has ben intervening periodically to address the woes of different sectors. She said the government is prioritizing investments in public infrastructure and that they have directed all the Public Sector Banks to reach out to people in the rural India and extend credit so that people will have more money which in turn may boost the consumption demand.