Even as the world is reeling under economic uncertainty, the Indian economy’s fundamentals are strong and the Indian economy clearly is attractive for investors across, said Finance Minister Nirmala Sitharaman. “There is a global situation of war, especially from countries which are a source of raw materials, whether it is fuel, fertilizers or food related raw materials. While this is causing a lot of insecurity in the world and while the challenges continue, India is being seen as an island of certain level of calm,” she said while speaking at the inaugural function of Invest Karnataka, 2022 Summit on Wednesday.
Talking about the impact of the global political situation affecting the raw material imports, etc., Sitharaman said that the countries are now readjusting themselves to source these materials from different parts of the world. “While these have bearing on not only industries but also the economy and growth of global trade, Prime Minister Narendra Modi has ensured that the Indian economy will not be severely threatened by developments outside,” the finance minister said. The government gave a lot of support to industries which required them, did a lot of “hand-holding” and ensured that the Indian economy will be carefully navigated during this challenge that we face, she added.
Talking about Karnataka, FM Sitharaman said that the state is working towards making it an attractive opportunity for investors. “Over 50 per cent of MoUs have been cleared by the Karnataka government and the speed of the signing and confirmation of MoUs are giving investors confidence on the ground. And these MoUs are coming up in newer sectors,” Sitharaman said. Meanwhile during the inaugural virtual address at the same event, Prime Minister Narendra Modi also said that new India is focusing on bold reforms, big infrastructure and best talent. He said at this time of global economic uncertainty, the whole world is confident that the Indian economy’s fundamentals are strong.
Besides Governor Thawaarchand Gehlot and Chief Minister Basavaraj Bommai, Invest Karnataka 2022 Summit saw the attendance of Union Ministers Nirmala Sitharaman, Piyush Goyal, Pralhad Joshi and Rajeev Chandrasekhar.