Be part of India's growth story: Nirmala Sitharaman to US fintech, chip firms

New Delhi, April 26

Union Finance Minister Nirmala Sitharaman has asked some of America’s top CEOs to become part of India’s growth story.

Speaking at a roundtable hosted in the Silicon Valley by the CII and the US Chamber of Commerce’s US-India Business Council (USIBC), the minister especially referred to financial technology (fintech) as a major opportunity for sustainable and inclusive growth.

In a separate roundtable with US semiconductor players, she asked them to make further investments in India while pointing out that New Delhi had lined up a Rs 76,000-crore scheme to position India as a global hub for hi-tech production and attract large chip-makers.

He said the Indian Government would be consistent in its commitment to make the country a reliable player in the entire semiconductor value chain with dedicated incentive for the sector through the Indian Semiconductor Mission. Some of the entrepreneurs said they had substantially scaled their capabilities in India in the last few years and were also collaborating with the academia for R&D. “The participants also mentioned that they need to review over-reliance of supply chain in certain jurisdictions and with the right policies and talent in place, next decade will belong to India,” said a Finance Ministry tweet.