Citi Group CEO Meets FM Sitharaman, Discusses Expansion & Digitalisation In India

(MENAFN- KNN India) New Delhi, Mar 21 (KNN) Finance Minister Nirmala Sitharaman met with Citi Group CEO Jane Fraser in New Delhi on Thursday, March 20, where they discussed the bank's growth plans for India and ongoing economic reforms.

During the meeting, Fraser highlighted Citi's expansion initiatives in India and expressed the company's interest in strengthening its presence in the country. She also discussed the bank's growing workforce in India and its increasing focus on digitalisation efforts.

In response, Sitharaman reaffirmed the government's commitment to economic reforms and enhancing the Ease of Doing Business framework to position India as a more attractive destination for investment.

The meeting followed Fraser's statements a day earlier to CNBC-TV18, where she indicated that Citigroup would likely assign more global roles to India than to any of its other operational centers worldwide.

Fraser attributed this strategic decision to India's extensive talent pool. Fraser conveyed optimism about India's economic trajectory, forecasting that the country would maintain its position as the world's fastest-growing economy.

While acknowledging the advantages of the China+1 strategy for multinational firms, she emphasised that India itself presents substantial opportunities due to its robust domestic market and government initiatives designed to foster economic growth.

"The strength of this country lies in its highly skilled, hardworking, and innovative workforce. This is India's true competitive advantage, and it should instil confidence in both the nation and investors," Fraser stated.

Fraser also elaborated on Citigroup's integration of artificial intelligence, noting that the bank has deployed AI tools to over 140,000 employees globally.

These technologies are currently enhancing workflows, increasing operational efficiency, and driving innovation throughout the organisation.

Amid concerns regarding potential job reductions among Citi's Indian IT contractors, Fraser provided reassurance that the bank's strategic collaborations with firms in India remain robust, underscoring the continued importance of its partnerships in the country.

(KNN Bureau)

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