BENGALURU: Union Finance Minister Nirmala Sitharaman on Thursday suggested that Karnataka should make use of the G-20 nations leaders’ summit, slated to be held in India in September 2023, to showcase the state’s brand to garner global attention.
“Since the G-20 meetings are spread across the country, including Karnataka, I earnestly wish the state will do its branding by identifying specific items, especially small and medium industries and handicrafts, so that it immediately grabs the attention of global leaders,” Sitharaman suggested, speaking at the 105th annual general body meeting of Federation of Karnataka Chambers of Commerce & Industry (FKCCI).
The Finance Minister told states to make the most of the G-20 summit as many meetings are slated to be held outside New Delhi, and there is scope to gain recognition. She suggested that FKCCI engage with the ministry of commerce to understand trade policy, and give inputs for signing of trade agreements on Foreign Direct Investment (FDI). Agreements have already been signed with Australia, UAE, UK and Canada.
Sitharaman showered praise on the Karnataka government for facilitating startups by constantly engaging in the process and creating a vibrant ecosystem with its policies. She also suggested that the government and industries look beyond IT to create more startups, keeping in mind that 2023 is the Year of Millets, and the country is the third largest exporter of millets.
“Chartered accountants, tax consultants and chambers of commerce should think about value addition -- rather than export raw millets, value addition will fetch a better price for farmers,” she explained. Sitharaman said that when developed countries are still struggling to overcome the effects of the pandemic on their economies, India was able to stand apart, though it is described as an emerging market. “It was the technological edge we had even before the pandemic that helped us overcome losses and steady growth. The benefits have reached the poorest of the poor,” she remarked.