India is against weaponising economy: FM
New Delhi, Aug. 27 -- Global growth will be led by countries like India, which does not pose any concentration risk as it is against weaponisation of the economy, Union finance minister Nirmala Sitharaman said in Toronto, the comment coming even as Canada aggressively seeks reliable economic partners amidst its ongoing trade war with the US.
Replying to a specific question - what commitment Canadian investors and business leaders could expect from India at the moment of global uncertainties - Sitharaman said: "The commitment from Government of India is, we want you all come and engage with India. And, when we say that, we know from our side, we will have to. respond to expectations."
"I mentioned about the concentration risk. We don't want to become captive to somebody's weaponizing their investments or weaponizing the economy. India never had that kind of approach to business," she added.
Sitharaman said India's Prime Minister Narendra Modi has embarked on the daunting task of building a developed India by 2047. According to the finance minister, India could have achieved the goal in the due course after its Independence, but adoption of "command and control" approach and "license, quota and permits" acted as roadblocks for nearly 60 years.
The country did open up in 1991, she added, referring to liberalisation under then PM Narasimha Rao, but this was under compulsion and could not give the requisite momentum to the economy. India "gained that momentum" after 2014, she said....
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