Union Finance Minister Nirmala Sitharaman has said that India offers a compelling growth opportunity for foreign banks, and the government is actively encouraging foreign investment in the banking sector. Addressing the India-UK Investor Roundtable discussion in London, the Union Minister outlined the priorities of the government for enabling sustained economic growth and investment opportunities with the policy support that is shaping New India. She highlighted the efforts being made by the government to pursue process and governance reforms to reduce compliance burden and ease regulation for facilitating an enabling environment for business and investments.
Union Finance Minister said that India is set to become the sixth largest Insurance market by 2032, with the expected growth at 7.1 per cent CAGR from 2024-2028, one of the fastest growing insurance markets among G20 countries. Mrs Sitharaman informed that India’s market capitalisation stands at 4.6 trillion dollars and is currently ranked fourth globally. Underlining India’s digital economy as a significant contributor to its economic growth, accounting for 11.74 per cent of the GDP in 2022-23, the Finance Minister informed the participants that India stands third globally in terms of the number of homegrown unicorns.
