Karnataka best for industries moving out of China, Europe : Nirmala Sitharaman

Bengaluru : Union Minister for Finance Nirmala Sitharaman stated on Wednesday that for industries which are moving out from China and Europe, Karnataka is the best place for investments.Sitharaman was delivering her keynote address at the inaugural session of the three-day Global Investors’ Meet (GIM).

“They are moving out to other destinations which are offering more than just tax incentives. Karnataka is the major job generator in the country. While contributing 8.8 per cent to the national GDP, whilst its population is just five per cent of total national population, 10 per cent of all formal jobs are created here,” she explained.

“I wish to assure all the investors that the state is absolutely very nimble-footed, that the policies are kept abreast of the global developments at a time when all of you are trying to move in.

Here is a state which has showcased itself for its previous achievements, and assuring that even now and for the next 25 years during Amrit Kal, Karnataka will be an essential foundation for many investors to come into India, from here to the entire globe,” the minister stated.

“I would like to draw also from what is evolving around India globally. All over there is definitely a sense of uncertainty. Immense amounts of challenges, that is not just for India, every country in the world feels the headwinds are very strong elements of feeling of certainty completely absent, even as we all started talking about China plus one,” she stated.

“When you wanted to diversify the value chains, or when you wanted to ensure that there is more than one source for the raw materials or for the intermediary products that you will produce. You had a global situation of war.

The war, especially from countries which sourced raw materials whether it is fuel, fertilizer or food related. So, you have these countries at war which are causing insecurity to the globe particularly in the area of fuel and food.

“As a result, the countries are readjusting themselves to source these materials from different parts of the world. That has had a bearing on industries, economy, trade and global trade as well.

The results of these disruptions were seen in large economies which were essential sources of raw materials for intermediary products, which were markets to emerging markets… are all going through huge recessionary doubts.

“They may technically be at the threshold of recession, but are not really out of suspense or shock on whether they will be getting into further rigid recession in the future… With all these uncertainties, I am here to put it before you because of the careful planning, targeted facilitation, and fiscal prudence, the Prime Minister led from the front and made sure that Indian economy will not be severely threatened by these developments outside.

“As a result of this, between 2020 and today, we seem to have come out to a situation where the challenges continue, the new challenges are also building up. But, India remains as an island of calm. We will have our own challenges but not as other countries as they think India would be threatened by.

“In a way I have been hearing both during my Washington visit, also through visitors at New Delhi that India seems to be an oasis of calm and the challenges are carefully firewalled and that our economy now is very attractive for investors.”

 

 

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