Nirmala Sitharaman: 'No better place to invest than in India'

Investors can find better place in world than India that has a democracy-loving and capitalist respecting environment, Union Finance Minister Nirmala Sitharaman has said. She also assured international investors at an interaction session at IMF's hequarters that government was continuously working to bring reforms. 

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"It (India) is one of fastest-growing (ecomies) even today. It has best-skilled manpower and a government that is continuously doing what is required in name of reforms, above all democracy and rule of law," Sitharaman said on October 16.

Responding to a question on why investors should allocate funds for India, she said that even if court system is a bit delayed, India is a transparent and open society. 

rule of law works and re are a lot of reforms happening, even those to cut down delays, she said.

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"So you will t have anything better... democracy-loving, capitalist respecting environment... in India," Sitharaman said at event hosted by Federation of Indian Chambers of Commerce and Industry in association with US India Strategic and Partnership Forum.

Responding to questions from major insurance companies, who urged her to remove cap on investment in this sector, she said government needs to understand what expectations of sector are or than removing of cap.

Sitharaman said she would be quite open to it and y could send her details.

Union finance minister, however, said she will t be able to give m an assurance at this point of time, but will work on matter.

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Asserting that government is engaging with everyone on a weekly basis and re is trust deficit with corporate sector and investors, she said re is a greater understanding that this government is willing to hear and also wanting to respond.

government is committed to maintaining fiscal deficit in India, she said. To a question on slowdown in Indian ecomy, finance minister said government is taking steps to dress problems in "stressed" sectors. 

Though budget was presented in July, in a year when re was interim budget present before election, we didn't wait for next budget to come in February of 2020, almost on a 10-day interval, we have been anuncing one or or intervention with which each of stressed areas can be dressed, she said.

Overall in order to boost consumption, government has very clearly said public expenditure for infrastructure will be clearly front-loed, Sitharaman said.

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Similarly, for increasing money in hands of people so that consumption can improve, I've requested all building sector banks toger with ir partners, n-banking, financial companies to reach out to vills, reach out to districts and extend every kind of credit that y would want, she said.

two-prong approach makes sure consumption is boosted, both through spending on public infrastructure or by putting actual money in hands of people, and ensures stress, which is specific to some sectors, is dressed, Sitharaman said. 

This has to be a continuous system till time ecomy really shows a substantial uptick, Union finance minister said. 

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