Finance Minister Nirmala Sitharaman has rejected opposition criticism that the Indian government is selling off public assets. Speaking at the Raisina Dialogue, Ms Sitharaman said that there is no sector in India that is not available for the private sector to be in function. She stated that the public sector policy is not a crazy one and the government is not selling out everything. Ms Sitharaman added that India is the destination for businesses, as it has the right combination of factors that matter 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.
Ms Sitharaman also noted that well-trained youth, a middle class giving a captive market, technology-driven investment, and public infrastructure are among the reasons for India’s sustained growth. She also referred to the Atmanirbhar Bharat thrust of the government, stating that it is not a protectionist measure.
Ms Sitharaman’s comments come amid concerns over the Indian government’s sale of public assets and the Atmanirbhar Bharat program. However, the Finance Minister rejected these concerns, stating that there is a greater readiness to discuss the Global South and their needs. She added that friendshoring, which refers to relocating supply chains to countries with low risk of disruption from political factors or those considered political and economic allies, is an important aspect of India’s economic growth.
The Finance Minister’s remarks also come after US Treasury Secretary Janet Yellen’s visit to India last month. Yellen had said that Washington is advancing an approach called “friendshoring” to boost the resilience of its supply chains by strengthening integration with trusted trading partners, including India.
Ms Sitharaman also spoke about the way the government responded to the COVID-19 pandemic and the necessity of sustaining growth, stating that it has worked out really well. She noted that India is putting across the voice of the Global South at G20, and that both adaptation and mitigation need to be discussed regarding climate finance.
Inputs from ANI
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