Unconditional reforms

Finance Minister Nirmala Sitharaman addressed a high-level Business Roundtable in Chicago on August 28, 2026, calling on global investors to establish manufacturing bases and technology innovation centers in India. The event, organized by India’s Consulate General in Chicago in collaboration with the U.S.-India Strategic Partnership Forum, focused on the theme “Manufacture in India, for India and for the world.” During her address, Ms. Sitharaman emphasized India’s growing appeal as a strategic partner for global enterprises, highlighting its robust economic fundamentals, diverse opportunities, and supportive policy environment. The roundtable brought together leading investors, business leaders, and industry experts to discuss India’s evolving role in the global economy. Ms. Sitharaman underscored that India’s investment proposition is rooted in a confluence of factors, including scale, growth, talent, infrastructure, technology, and sustained reform efforts over the past decade. She noted that the country's policy framework is increasingly geared toward facilitating business operations, encouraging manufacturing, fostering innovation, and supporting long-term expansion. This shift reflects broader structural changes aimed at making India more attractive for foreign direct investment and enhancing its competitiveness in global value chains. In her remarks, the Finance Minister encouraged global partners to view India not just as a market but as a platform for building products and services for global consumers. She highlighted the nation’s strengths in engineering talent, manufacturing capacity, and technological ecosystems, suggesting that these assets could be leveraged to create higher-value businesses in areas such as artificial intelligence, engineering, analytics, product development, semiconductors, and electronics. India’s Global Capability Centres, she added, have already begun functioning as key innovation hubs, contributing to the country’s growing reputation as a center for research and development. Ms. Sitharaman also pointed to the rapid development of India’s Digital Public Infrastructure, which includes systems like Aadhaar, Unified Payments Interface (UPI), DigiLocker, Open Network for Digital Commerce (ONDC), and India Stack. These platforms, built at a massive scale, have laid the groundwork for further advancements in digital governance, financial inclusion, and service delivery. She argued that the next phase of growth would involve deepening investments in AI, data analytics, and digital transformation, with India positioned to play a pivotal role in shaping the future of global tech ecosystems. The discussion extended to India’s financial sector, with Ms. Sitharaman spotlighting GIFT City as an emerging international financial hub. As of June 2026, the city had attracted 1,250 registered entities, offering a wide range of services including banking, fund management, reinsurance, aircraft and ship leasing, sustainable finance, and cross-border financial solutions. She invited global financial institutions to explore GIFT City as a gateway to India’s expanding financial ecosystem, noting its ability to connect international capital with local investment opportunities. Additionally, the minister outlined India’s progress in infrastructure development, citing projects such as dedicated freight corridors, railway modernization, electrification, and high-speed rail networks. These initiatives, she explained, present substantial opportunities across engineering, technology, materials, specialized equipment, and institutional capital. The National Investment and Infrastructure Fund serves as a commercial platform for global investors interested in participating in India’s ambitious infrastructure agenda. Ms. Sitharaman also touched upon the evolving dynamics of India’s agricultural and industrial sectors, emphasizing how rising incomes and shifting consumption patterns are opening new avenues in food processing, automation, packaging, logistics, and cold chain technologies. These developments, she suggested, offer potential for businesses to cater to both domestic and international markets. As part of her ongoing six-day visit to the United States, Ms. Sitharaman is set to engage with policymakers, business leaders, and stakeholders to reinforce India’s commitment to attracting global investment and driving sustainable economic growth. Her message underscores a clear vision for India as a dynamic, forward-looking economy capable of delivering value to the world.