Raisina Dialogue: Several ministers of G20 nations spoken of friendshoring: FM Sitharaman
Raisina Dialogue: Noting that India is the destination for businesses, Finance Minister Nirmala Sitharaman on Saturday said the country had the right combination of factors that mattered for a growing economy, including a middle class, captive market with purchasing power, technology-driven public investment and products, digital infrastructure and rule of law.
In her remarks during an interaction at Raisina Dialogue here, Finance Minister Nirmala Sitharaman said there was no sector in India that was not available for the private sector and rejected opposition criticism that the government was on a selling spree of public assets.
"There is no sector in India that is not available for the private sector to be in function. Public sector policy is not a crazy one and the government is not selling out everything. Opposition fully understands the meaning, but says we are selling them off. We are not selling them off," she said.
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She said India was putting across voice of the Global South at G20. Sithraman said well-trained youth, middle class giving a captive market, technology-driven investment and public infrastructure were among reasons for India's sustained growth.
Referring to climate finance at Raisina Dialogue, she said both adaptation and mitigation needed to be discussed.
"There is a greater readiness to discuss the Global South and their needs." Referring to Atmanirbhar Bharat thrust of the government, she said it was not a protectionist measure.
"There are several ministers who are part of the G20 who have been speaking of friend shoring. India, today, is the destination for businesses. We have the right combination of things that matter for a growing economy--a middle class, captive market with purchasing power, tech-driven public investment and products. Digital infrastructure exists," she said.
Friendshoring refers to relocating supply chains to countries with low risk of disruption from political factors or those considered political and economic allies.
US Treasury Secretary Janet Yellen had said during her visit to India last month that Washington was advancing an approach called "friendshoring" to boost resilience of its supply chains by strengthening integration with trusted trading partners including India.
Sitharaman also said the way the government responded to COVID-19 pandemic and the necessity of sustaining growth have worked out really well.
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