India is the destination for businesses: Fin Min Sitharaman

NEW DELHI: Noting that India is the destination for businesses, Finance Minister Nirmala Sitharaman on Saturday said that the country has the right combination of factors that matter for a growing economy including a middle class, captive market with purchasing power, technology-driven public investment and products, digital infrastructure and rule of law.

In her remarks during an interaction at the Raisina Dialogue here, Sitharman also said that there is no sector in India that is not available for the private sector and rejected opposition criticism that government is on a selling spree of public assets.

"There is no sector in India that is not available for the private sector to be in function. Public sector policy is not a crazy one and the government is not selling out everything. Opposition fully understands the meaning but says we are selling them off. We are not selling them off," she said.

She said India is putting across voice of the Global South at G20.

Sithraman said that well-trained youth, middle class giving a captive market, technology-driven investment and public infrastructure were among reasons for India's sustained growth.

Referring to climate finance, she said both adaptation and mitigation need to be discussed.

"There is a greater readiness to discuss the Global South and their needs." Referring to AtmanirbharBharat thrust of the government, she said it is not a protectionist measure. "There are several ministers who are part of the G20 who have been speaking of friendshoring. India, today, is the destination for businesses. We have the right combination of things that matter for a growing economy--a middle class, captive market with purchasing power, tech-driven public investment and products. Digital infrastructure exists," she said.

Friendshoring refers to relocating supply chains to countries with low risk of disruption from political factors or those considered political and economic allies.

US Treasury Secretary Janet Yellen had said during her visit to India last month that Washington is advancing an approach called "friendshoring" to boost resilience of its supply chains by strengthening integration with trusted trading partners including India. Sitharaman also said the way the government responded to COVID-19 pandemic and the necessity of sustaining growth have worked out really well.