‘India in a good position to take advantage of new growth opportunities’- FM

New Delhi| India is in a good position to take advantage of new growth opportunities amid challenges related to the global economic environment. Finance Minister Nirmala Sitharaman has made this claim during her visit to America. During an event in New York, she stressed that as countries reevaluate their supply chains, India hopes to become a key partner for many countries looking to diversify their sources of goods and services.

Sitharaman addressed a special lecture on India’s economic strength and prospects amid a challenging and uncertain global environment at Columbia University. She said that India is working towards enhancing domestic capabilities and developing strength against external shocks. Sitharaman said, ‘‘Although global growth has been driven by extensive multilateral trade over the past decades, I believe the coming years will be defined by strategic economic partnerships and India is fully prepared to take advantage of this change.’’

She said the global economic environment may present challenges, but ‘‘India is in a good position to take advantage of new growth opportunities.’’ Finance Minister said, ‘‘moving towards a more fragmented global economy, including redefined alliances and changing trade practices…Can actually be beneficial for India. As nations reevaluate their supply chains, India hopes to become a key partner for many countries looking to diversify their sources of goods and services.’’

This lecture on India’s economic policies was organized by Deepak and Neera Raj Center at the School of International and Public Affairs, Colombia. Sitharaman reached New York on Sunday after completing her visit to Mexico. In Mexico he chaired the Tech Leaders Roundtable in Guadalajara. The minister had also visited the TCS headquarters in Guadalajara.

In New York she addressed a roundtable on ‘Investment Opportunities in India’ on the New York Stock Exchange. She also participated in a discussion with IBM Chairman and Chief Executive Officer (CEO) Arvind Krishna on India’s decadal economic reforms and economic growth.

From New York Sitharaman will go to Washington DC. There she will participate in the annual meetings of the International Monetary Fund (IMF) and World Bank, G-20 Finance Ministers and Central Bank Governors (FMCBG) meetings, G-20 FMCBG, Joint Meeting of Environment Ministers and Foreign Ministers and G-7 – Africa Ministerial Roundtable