Imf research, Organization in Washington, D.C., United States

With the aim to navigate economic recovery post COVID pandemic, Union Finance Minister Nirmala Sitharaman will hold a meeting with chief ministers/ Lt Governors and finance ministers of states/union territories on November 15.The meeting will be held at 3 pm on Monday via video conferencing.Briefing about the meeting, TV Somnathan, Finance Secretary said, "Growth had slowed down in the COVID-19 pandemic. However, after the first quarter of the current fiscal, the economy has picked up again with green shoots of recovery clearly visible. Several economic indicators are now at pre-pandemic levels. Projections of International Monetary Fund (IMF) and World Bank peg India's GDP growth at about 9.5 per cent and 8.3 per cent respectively, as one of the fastest-growing economies.""While the investor sentiment is good, there is a need to capitalise on the momentum already created. The first four months of FY 2021 have already witnessed inflows of USD 64 billion foreign direct investment (FDI). The Government of India (GoI) in its Union Budget 2021-22 has given further impetus to the inflow of foreign investment capital through streamlining procedures, removing roadblocks and providing necessary incentives," he added.Somnathan further said the objective of the meeting is economic recovery."India is becoming a thriving destination for foreign investors. These positive sentiments should be capitalized and the opportunity is to be utilised. To push India's growth story towards the higher path, the states' role is important and is an essential component. In this regard, Finance Minister is a holding meeting with chief ministers on state level issues. Challenges faced by the states will be discussed. Efforts will be made to resolve those issues that will help the country," he added.Ajay Seth, Secretary, Department of Economic Affairs (DEA) said that the Finance Minister seeks to embark on a collaborative growth vision for the nation and encourage an open exchange of ideas centred on enhancing the investment climate of the country."The envisaged interaction will attempt to create a policy discourse and a facilitative environment for inward investment-led growth. This will be enabled by a pro-active approach to investment promotion, efficiencies brought about by Ease of Doing Business reforms, and an emphasis on accelerating approvals and clearances up to Urban Local Bodies (ULB) levels," he said.The DEA Secretary further said through the interaction, the States may share their ideas and vision for enhancing the investment climate, leading to a broad consensus regarding the trajectory to be undertaken for India to become the fastest-growing economy.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Imf ResearchFOLLOW

Imf research, Latest News

Citing a report, a US embassy official on Monday revealed that Indian students are returning to their country for studies post-Covid. ...

The United States is willing to consider lowering some of the tariffs introduced by former President Donald Trump against China, Treasure Secretary Janet Yellen said on Sunday, ahead of crucial Chinese President Xi Jinping and Joe Biden's virtual mee ...

The United States has not made a determination on a potential waiver of sanctions against India for its purchase of the S-400 missile defence system from Russia, a state department spokesperson said, noting that the Countering America's Adversaries T ...

The United States covered up the 2019 Baghuz airstrike that killed dozens of civilians in Syria, a possible war crime, during the battle against the Islamic State, according to the New York Times. ...

The Ukrainian Navy announced on Saturday it conducted a passage exercise (PASSEX) with military vessels from the United States, Turkey, and Romania in the Black Sea. ...

The due legislation procedure was bypassed in haste for the State Bank of Pakistan (SBP) Amendment Bill that has landed the International Monetary Fund programme in Pakistan into deeper controversy, reported The News International. ...

The ties between the United States and Pakistan are driven by ad hoc security concerns and the country hardly share any strategic or economic interests, a foreign policy expert said. ...

With the aim to navigate economic recovery post COVID pandemic, Union Finance Minister Nirmala Sitharaman will hold a meeting with chief ministers/ Lt Governors and finance ministers of states/union territories on November 15. ...