Be part of India's growth story: Nirmala Sitharaman at Silicon Valley

Finance minister Nirmala Sitharaman has invited investors at the Silicon Valley to be a part of the India growth story and said that the country was likely to remain the world's fastest growing major economy over the next few years.

"With a growth forecast of almost 8% in FY 2023, India is likely to remain the world's fastest growing major economy over the next few years, driven by the continued expansion of its technology and startup ecosystems," Sitharaman told a group of business leaders and co-investors in San Francisco. Sitharaman is in the US where she attended the Spring Meetings of the World Bank and International Monetary Fund (IMF).

The FM noted that US-India collaboration in financial services and emerging technologies will support increased investment and innovation, and fintech represents a unique opportunity for sustainable and inclusive growth.


"The US-India collaboration in financial services and emerging technologies will support increased investment and innovation, and fintech represents a unique opportunity for sustainable and inclusive growth," she said and invited leading investors to become part of the India growth story.

In a tweet, the finance ministry noted that the round table was attended by senior executives, private sector business leaders, venture capitalists, institutional investors, and representatives of pension and endowment funds, representing combined assets under management of over $1 trillion.

Among the businesses and funds that attended the event were Blackstone, Brevet Capital, Citi, Nova Credit, Western Digital, Palo Alto Networks, The Regents of the University of California, Lightspeed House Ventures, Insight Partners, Morgan Stanley, Powerhouse Ventures, Blume Ventures, Bow Capital and Nasdaq.

In a statement, Confederation of Indian Industry (CII) and the US Chamber of Commerce's US-India Business Council (USIBC), which co-hosted the round table, said that the event highlighted India's emergence from the pandemic as one of the world's fastest growing major economies, and outlined government efforts to support growth by a process of sustained reforms across sectors.