BANGALORE: Nirmala Sitharaman, the Union Minister of Finance, said on Wednesday that Karnataka state is the greatest place to invest for firms that are leaving China and Europe. The three-day Global Investors' Meet's opening session was where Sitharaman gave her keynote speech.

They are relocating to other places that provide more than simply tax breaks. The state of Karnataka is the main employer in the nation. Although it only makes up 5% of the overall population of the country but contributes 8.8% to the national GDP, 10% of all formal jobs are created here, she said.

"At a time when all of you are attempting to enter the market, I want to reassure all the investors that the state is absolutely very nimble-footed and that the policies are kept current with global changes. Assuring that Karnataka will continue to be a vital foundation for many investors to come into India from around the world as well as for the next 25 years at Amrit Kal, the minister said that this state has distinguished itself for its prior accomplishments.

"I would like to take inspiration from the global developments surrounding India. There is undoubtedly a feeling of unease around. Even as we all began talking about China plus one, she said, "there are enormous obstacles that are not just for India; every country in the globe feels the headwinds are very strong components of feeling of confidence absolutely lacking.

When you needed to ensure that there were several sources for the raw materials or the intermediary products you would generate, or when you wanted to diversify your value chains. There was a world war going on. The war, particularly from nations that sourced basic supplies, whether they were for food, fertiliser, or fuel. As a result, the world is experiencing instability, particularly with regard to the availability of food and fuel.

The result of these disruptions were seen in large economies that were crucial sources of raw materials for intermediary products, which were markets to emerging markets, are all experiencing enormous recessionary doubts. As a result, the countries are readjusting themselves to source these materials from different parts of the world.
Although they are technically on the verge of recession, they are still uncertain as to whether they will enter a rigid recession in the future. I am here to tell you that despite all of the unknowns, the Prime Minister led from the front and ensured that the Indian economy wouldn't be seriously affected by these events outside by careful planning, targeted facilitation, and fiscal prudence.

"As a result of this, between 2020 and today, we appear to have reached a condition where issues are still present and new ones are also emerging, but India continues to be a haven of peace. We will face challenges of our own, but not those that other nations perceive to be a threat to India.

In a sense, I have heard that India appears to be a haven of calm, that the challenges are carefully firewalled, and that our economy is now highly appealing to investors both during my visit to Washington and through guests in New Delhi.