“If there is a broad guidance for businesses, for investors and for technology leaders to look at India favourably because you have a plethora of leaders, all of whom have contributed to the US… It is not as if you will completely outsource your businesses to India but locating it here, you get good skilled manpower, (it’s) cost effective. This is the time for guidance given to business to come to India without hesitation to transfer certain technology to joint venture partners so that they can do such businesses where you won’t have any sense of insecurity on technology and technology related issues,” she said at an event with industry leaders, which was also attended by US treasury secretary Janet Yellen.
The statement comes at a time when the government is seeking to bolster domestic manufacturing in crucial sectors such as defence, aerospace and semiconductors.
While pointing to global challenges, the FM acknowledged that India is not insulated to global developments but suggested that steps taken by the government will help steer the economy better. She identified inflation as a challenge, largely due to volatility in oil markets, which was being managed by the government and RBI.
Sitharaman said that political stability, good returns and a strong economy with a robust platform to deliver public services through the digital mode had made India an attractive destination and added that the government remained committed to reforms. During the India-US Economic and Financial Partnership forum.