Economy moving faster than expected; global investors eyeing India to invest: DEA Secy Tarun Bajaj

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November 3, 2020 7:01 PM

Tarun Bajaj said that all economic parameters are improving and he continues to see an uptick in the economy in the past few months.

revenue grant, Post Devolution Revenue Deficit Grant. 15th finance commission, coronavirus pandemicThe government said that the funds have been released based on the 15th Finance Commission interim recommendations.

Economic Affairs Secretary Tarun Bajaj today said that he is expecting a further economic improvement in November as the economy is moving at a much faster rate than what was anticipated by economists. Tarun Bajaj added that all economic parameters are improving and he continues to see an uptick in the economy in the past few months. He further said that certain actions are being taken on financial, railway, and road sector reforms with respect to infrastructure, and the government has loosened conditions for more people to participate in railways. 

The DEA Secretary underlined that the month of October saw higher power consumption, increased railway freight and e-way bills, and a rise of 116 per cent in toll collections. While FPI stood at $3.2 billion in the month, bank credit rose 5.8 per cent. However, he assured that the recent crude price rise seems temporary and should cool down. 

On the brighter side, Tarun Bajaj informed that there has been a lot of traction and inquiries from investors to invest in India, despite Covid-19. He said that the trend shows that India’s growth story is intact. He also apprised that big funds will hold one-on-one talks with PM Narendra Modi for the next two weeks in the Global Investor Roundtable.

PM Modi will chair the Virtual Global Investor Roundtable (VGIR) on 5 November 2020. The VGIR is being organised by the Ministry of Finance, Government of India, and National Investment and Infrastructure Fund. The event will witness the exclusive dialogue between leading global institutional investors, Indian business leaders, and the highest decision-makers from the government and financial market regulators, according to the Prime Minister’s Office. FM Nirmala Sitharaman, Anurag Thakur, and Shaktikanta Das will also be present at the event. 

Meanwhile, twenty of the world’s largest pension and sovereign wealth funds with total Assets Under Management of about $6 trillion will participate in the roundtable. These global institutional investors represent key regions including the US, Europe, Canada, Korea, Japan, Middle East, Australia, and Singapore.

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