Rating agencies now view India with “realism and positivity”: FM

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Finance Minister Nirmala Sitharaman said on Wednesday that the government is actively pursuing the inclusion of government bonds in major global indices and that something could hopefully be expected sooner on this front.

She also said that Indian start-ups have so far created 65 unicorns of which 28 were created in 2021 alone.

Addressing the very first “India Maximum” conclave organized by the Indian Private Equity and Venture Capital Association (IVCA), Sitharaman said in his virtual speech that fintechs have reaped the largest share of these unicorns.

“It shows that there is increased activity and increased activity in this space. The private equity firms all played their part in creating these unicorns, ”she said.

In the venture capital industry, a unicorn refers to a startup that has reached a valuation of $ 1 billion.

In his speech, Sitharaman recounted 20 different points to emphasize that the government led by Modi is constantly engaging and responding with relevant stakeholders.

She said that a series of reforms have been launched in recent years which in turn have helped to maximize the potential of Alternative Investment Funds (AIFs) and make them much more attractive to fund companies and Investors.

SEBI has taken several steps to ensure that the AIF framework facilitates the industry. AIFs have also been given flexibilities to undertake investments in the opportunities available to them.

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Sitharaman also highlighted the strong rebound in FPI flows after the releases during the onset of the first wave of COVID19 in March of last year.

Compliance requirements

The finance minister said the government is committed to providing a level playing field for investors of all categories with minimum compliance requirements as well as maximum growth opportunities.

Without taking the name of Moody’s, which has now raised India’s sovereign rating outlook from “stable” to “negative” while maintaining the rating at “Baa3”, Sitharaman said credit rating agencies are looking at it. ‘India with much more “realism and positivity”. and not so much cynicism towards the country. “I am happy that the credit rating agencies can see us with the right perspective,” Sitharaman added.

She urged all companies to adopt the best possible governance practices in a transparent manner. She called on all stakeholders to ensure that investor protection is duly taken into account in order to make markets more robust and resilient.

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