She says India is open for collaboration and holds the promise of driving the next phase of global growth.
Our Bureau
San Francisco, CA
Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, highlighted that global financial institutions like the IMF and the World Bank have recognised India’s strong growth potential and its important role in supporting global trade.
The minister highlighted this during her address to the Indian diaspora in San Francisco at the India Community Centre, where she spoke about India’s emerging leadership in the global economy.
“When we say India is the fastest growing economy, and when the IMF or the World Bank recognizes that India, because of the growth potential, can be India, China, many other such countries, can be the engine to pull the world trade, which is in the negative or just about positive zone, they recognize the potential that exists in India,” she said.
She pointed out that despite a global slowdown, rising uncertainties, and high inflation in several countries, India continues to grow steadily. Sitharaman adds, this growth can help uplift global trade, which is currently struggling to stay in the positive zone.
“And by us growing with that potential, we will probably be able to lift that trend which is seen globally because of the various uncertainties, keeping growth low, keeping trade low, but keeping inflation high in some places,” she added.
The minister encouraged successful Indian professionals and businesses in the U.S. to explore opportunities to partner with India.
Sitharaman also underlined the Indian government’s focus on building a developed India — Viksit Bharat — by 2047. She said Prime Minister Narendra Modi has clearly laid out the vision by focusing on four main sections of society — women, the poor, youth, and farmers.
She further said that India is giving special attention to “sunrise sectors” such as Digital Public Infrastructure (DPI), where the country has already become a global leader. These sectors are key to boosting India’s future economic capacity and global standing, she added.
The minister’s message to the diaspora was clear — India is open for collaboration and holds the promise of driving the next phase of global growth.
Union Finance Minister Nirmala Sitharaman, also praised Prime Minister Narendra Modi’s leadership, saying that the “visionary leadership” of the Prime Minister and the stability provided by the continuing government are “making a difference for India.”
Her remarks came as part of her official five-day visit to the United States, which began on April 20. She was received upon arrival at the San Francisco International Airport by India’s Ambassador to the US, Vinay Mohan Kwatra, and Consul General Srikar Reddy Koppula, along with Finance Secretary Ajay Seth. The visit will include engagements in both San Francisco and Washington, DC.
During her two-day San Francisco stop, Sitharaman is set to deliver a keynote address at the Hoover Institution at Stanford University on “Laying the foundations of Viksit Bharat 2047,” followed by a fireside chat. She will also hold roundtable discussions with major fund management firms and meet with top executives from leading IT companies headquartered in the region.
From April 22 to 25, Sitharaman will participate in the Spring Meetings of the International Monetary Fund and World Bank in Washington, DC. She is scheduled to attend the G20 Finance Ministers and Central Bank Governors’ Meeting, the Development Committee Plenary, the IMF/World Bank Group’s International Monetary and Financial Committee (IMFC) Plenary, and the Global Sovereign Debt Roundtable.
On the sidelines, she will also hold bilateral meetings with counterparts from countries including the United States, the United Kingdom, France, Germany, Saudi Arabia, and others, as well as top officials from international financial institutions. Following her engagements in the US, Sitharaman will travel to Peru for her maiden visit from April 26 to 30.
