Union Finance Minister Nirmala Sitharaman assured international investors at an interaction session at the IMF’s headquarters that the government was continuously working to bring reforms in economy.
“It (India) is one of the fastest growing (economies) even today. It has the best skilled workers and a government that is continuously doing what is required in the name of reforms, above all democracy and rule of law,” Ms Sitharaman said.
Responding to a question on why investors should allocate funds for India, she said that even if the court system is a bit delayed, India is a transparent and open society. The rule of law works and a lot of reforms happening she said.
“So you will not have anything better… democracy-loving, capitalist-respecting environment… in India,” Ms Sitharaman said at the event hosted by the Federation of Indian Chambers of Commerce and Industry or FICCI
She said the government needs to understand what the expectations of the insurance sector are other than removing of the cap.
Ms Sitharaman said she would be quite open to it and they could send her the details. The Union Finance Minister, however, said she will not be able to give them an assurance at this point of time, but will work on the matter.
Asserting that the government is engaging with everyone and there is no trust deficit with the corporate sector and investors, she said there is a greater understanding that this government is willing to hear and wanting to respond.
The government is committed to maintaining fiscal deficit in India, she said.To a question on the slowdown in the Indian economy, the Finance Minister said the government is taking steps to discuss problems in the “stressed” sectors.