Union Finance Minister to engage with Chief Ministers, Lt. Governors of Union Territories and State Finance Ministers on Monday

IAS Prelims 2023

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman to engage with Chief Ministers of States, their State Finance Ministers and Lt. Governors of Union Territories via virtual conference mode on Monday, 15th November, 2021.

Secretaries of Government of India Line Ministries, Chief Secretaries and Financial Secretaries of States will also be joining the conference.

Growth had slowed down in the COVID-19 pandemic. However, after the first quarter of the current fiscal, the economy has picked up again with green shoots of recovery clearly visible. Several economy indicators are now at pre-pandemic levels. Projections of IMF and World Bank peg India’s GDP growth to about 9.5% and 8.3% respectively, as one of the fastest growing economies.

While the investor sentiment is good, there is a need to capitalise on the momentum already created. First four months of FY 2021-22 have already witnessed inflows of $64 billion Foreign Direct Investment (FDI). Government of India (GoI) in its Union Budget 2021-22 has given further impetus to inflow of foreign investment capital through streamlining procedures, removing roadblocks and providing necessary incentives.

The Finance Minister seeks to embark on a collaborative growth vision for the Nation and encourage an open exchange of ideas centered on enhancing the investment climate of the country. The envisaged interaction will attempt to create a policy discourse and a facilitative environment for inward investment-led growth. This will be enabled by a pro-active approach to investment promotion, efficiencies brought about by Ease of Doing Business reforms, and an emphasis on accelerating approvals and clearances up to Urban Local Bodies (ULB) levels.

Through the interaction, the States may share their ideas and vision for enhancing the investment climate, leading to a broad consensus regarding the trajectory to be undertaken for India to become the fastest growing economy.



    Source PIB