India's Economic Agenda Focuses On Infra, Capital Assets: Sitharaman

(MENAFN- AsiaNet News) The creation of capital assets and sustained support to industry through infrastructure development formed the central focus of the Indian government's economic agenda, Union Finance Minister Nirmala Sitharaman said during an investor roundtable.

Addressing a high-level Business Roundtable organized by the Consulate General of India in New York in association with Bank of America, the Finance Minister highlighted the domestic policy drivers supporting economic momentum.

Key Policy Drivers for Economic Momentum

"The creation of capital assets and providing sustained support to industry through infrastructure development, particularly aviation; fostering a friendly and conducive investment climate; promoting the development of AI and data centres; supporting Global Capability Centres; ensuring credit availability to MSMEs; and reducing Non-Performing Assets (NPAs) of banks," the Ministry of Finance said on X.

These steps, the Finance Minister explained, assisted in establishing a more enabling business climate for banks and industry to operate, expand, and strengthen.

India Remains Fastest-Growing Major Economy

Outlining the macroeconomic landscape against global headwinds, Sitharaman pointed to recent GDP figures. "Despite global disruptions and against all odds, India continues to be the fastest-growing major economy in the world, recording a remarkable growth of 7.8% in Q1 of FY 2026-27."

Commitment to Reforms and Fiscal Prudence

“Under the guidance of Prime Minister Shri @narendramodi, India has also provided greater regulatory certainty through a range of reforms, including the Insolvency and Bankruptcy Code,” she said.

Sitharaman added that such measures aided in ensuring ease of compliance and reducing administrative paperwork, which stood as a core commitment of the administration since it took office.

“India has consistently remained committed to the path of fiscal prudence and fiscal discipline over the past several years, despite the continuing challenges confronting the global economy since the onset of COVID-19," the FM said.

Improving Domestic Investment Environment

The minister noted that the domestic investment environment recorded substantial improvement, driven by competitive participation from regional authorities.

Both the central and state governments demonstrated greater intent and competitiveness in drawing and facilitating capital into their regions. These collective initiatives, she remarked, aligned with the broader national objective of achieving the vision of Viksit Bharat 2047.

Ambassador Highlights Economic Resilience

Earlier during the proceedings, India's Ambassador to the United States Vinay Mohan Kwatra delivered the welcome address.

Kwatra observed that the first-quarter gross domestic product figures released a day prior reflected the fundamental resilience of the Indian economy.

“Both countries can benefit from India's fast-growing economic trajectory by creating stronger linkages between trade and investment between the two countries," Kwatra stated. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

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