Page 46 - The indian EYE 050622

BUSINESS EYE MAY 06, 2022 | The Indian Eye 46

Digital Revolution:

Indian FM invites investors to

become a part of India’s growth story

Senior executives, business leaders of private sectors, venture capitalists, the institutional

investors attend the meeting with Sitharaman

OUR BUREAU
est-growing major economy.
Palo Alto, CA/Washington, DC President of USIBC, Atul Kes-
hap moderated the meeting while the
ighlighting several digitiza- Chief Economic Advisor, V Ananth
tion-related progressive steps
Hin the budget this year, Fi- Nageswaran, India’s Ambassador to
the US, Taranjit Singh Sandhu, along
nance Minister Nirmala Sitharaman with other senior officials attended
on Tuesday said that there is a contin- the roundtable.
uous digital nudge by the government
“Where technology and capital
across different sectors. Sitharaman’s converge! Excellent exchange of
remarks came during the ‘Business ideas at @USIBC @FollowCII #fin-
Roundtable: Investing in India’s Dig- tech roundtable w FM @nsithara-
ital Revolution’ organized by the Fed- man in #SiliconValley. Friends frm
eration of Indian Chambers of Com- industry deliberated on opportuni-
merce and Industry (FICCI) and ties that #India’s fast digital journey
co-hosted by the US-India Strategic
Partnership Forum (USISPF) in Palo & reforms offer to VCs, funds & as-
Alto, California. set managers.” Sandhu tweeted.
After a roundtable with the
Alluding to the recently an-
nounced Central bank digital cur- members of the semiconductor in-
dustry, the Finance Minister visited
rency, digital banks, and digital uni- nion Finance Minister Nirmala Sitharaman with Ambassador of India to the United States Applied Materials’, Maydan Tech-
versity, Sitharaman stated, “There Taranjit Singh Sandhu at the roundtable meeting in San Francisco (ANI) nology Centre, located in the Silicon
is a continuous digital nudge by the Valley, to observe research in the
government across sectors.” Alloys, said that India is on the cusp the strengthening of the relationship field of semiconductors.
Interacting with the participants,
Earlier, the Finance Minister
the finance minister said that India of a digital revolution powered by between the two countries,” he said, also met with World Bank Presi-
increasing broadband and internet
adding, “It is reflective of the depth
aims to introduce digital currency by penetration, exponential data up- coming in this relationship.” dent, David Malpass, in Washing-
2023. However, she added that aid- take, and the government’s focus on Earlier, Sitharaman attended a ton on Friday, discussing important
ing financial inclusion was not the digitization. roundtable with business leaders and economic issues, India’s continued
sole purpose of the proposed digi-
He noted that digital transfor-
tal currency, unlike in other coun- mation has been a key theme for investors co-hosted by the US-India recovery from the COVID-19 pan-
Business Council (USIBC) and Con-
demic, and the impact of the Rus-
tries. “The government and RBI are the country in the recent past. India federation of Indian Industry (CII) sia-Ukraine conflict.
looking into its several commercial currently has more than 500 million in the Silicon Valley, and invited the Sitharaman on Friday said that
use purposes and not just financial
leading investors to become a part of
smartphone users, with 68 per cent
inclusion, which is largely achieved on 4G. The country’s ‘Digital India’ India’s growth story. India is “carving out” opportunities
from challenging situations as the
through the JAM trinity,” she said. programme driven by UPI, digital Senior executives, business lead- world continues to face hikes in fuel
She also encouraged constant
engagement to understand and ad- literacy, and Digilocker, among oth- ers of private sectors, venture cap- prices and shortage of food grains
italists, the institutional investors, amid the Russia-Ukraine war.
ers, have been a bellwether for the
dress investor concerns and was open transformation underway. The value who represented combined assets Addressing a press conference in
to suggestions to understand pain of transactions under UPI crossed under management of over USD 1 Washington alongside Indian envoy
points and offer necessary redressal.
She also invited stakeholders inter- USD 1 trillion in 2021-22, represent- trillion, attended the meeting with to US Taranjit Singh Sandhu, Sitha-
Sitharaman. In the meeting with the
raman said that India is trying to find
ing a spectacular five-fold jump in
ested in Indian startups to engage the last two years. investors in the clean energy sector, a market for its exports and provide
with the Startup Cell at the Depart- Ambassador of India to the the minister discussed topics pertain- meaningful assistance to end hunger.
ment for Promotion of Industry and United States Taranjit Singh Sand- ing to India’s potential for producing The Finance Minister said she voiced
Internal Trade under the Ministry of hu said that India and the United sustainable energy, waste-to-energy, her concern that countries like India
Commerce and Industry. States enjoy much more confidence and energy alternatives. which have potential for floating its
Speaking on the occasion,
The minister told the investors
Subhrakant Panda, Senior Vice and trust mutually. “In the last three that over the next few years, India agricultural produce, particularly ce-
reals, have faced difficulties with the
weeks, three senior-most cabinet
President of FICCI and Managing ministers visited the US, showcasing is prepared to be the world’s fast- World Trade Organization.
Director of Indian Metals and Ferro
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