FM Sitharaman To Hold Meeting With State CMs On Monday For Discussing Measures To Encourage Investment

The meeting has been called amidst the rapid revival of the economy after two waves of COVID-19 and the Central government's efforts to increase capital expenditure.

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New Delhi: Finance Minister Nirmala Sitharaman will hold a meeting with the Chief Ministers of the states on Monday, November 15. 

The meeting will discuss ways to create a reform-oriented business environment and attract investments to boost the country's growth.

The Finance Ministry has tweeted that Ministers of State for Finance Pankaj Chaudhary and Bhagwat Karad will also participate in this virtual meeting to be held on November 15. Apart from this, secretaries of various ministries of the Central government, chief secretaries of states, and finance secretaries will also attend the meeting.

The ministry said, "The topic of discussion in the meeting will be to build a conducive ecosystem to increase investment. Apart from this, measures to encourage growth, reforms, investment promotion, and the creation of a reform-based business environment will be discussed in the meeting", news agency PTI reported. 

The meeting has been called amidst the rapid revival of the economy after two waves of COVID-19 and the Central government's efforts to increase capital expenditure.

Earlier, Union Finance Secretary TV Somnathan had said last week that the focus of the discussion will be such state-level issues, opportunities, and challenges through which we can achieve high investment and growth.

The secretary had said, "The government is spending capital and getting positive response from the private sector, but it has not yet turned into a large-scale real investment. However, capital expenditure reflects the possibility of large-scale investment."

The Indian economy contracted by 7.3 percent in the last financial year 2020-21 due to the covid-19 pandemic. The Indian economy grew at 20.1 percent in the first April-June quarter of the current fiscal. In the first four months of the current fiscal, there has been an FDI of $64 billion.