Citi CEO Jane Fraser: India remains 'gold standard' of digital investments
India will continue to be an "important destination for investment" as global businesses chart their post-pandemic recovery plans.
Opportunities abound given the country's leadership position in the digital economy, according to Citi CEO Jane Fraser who recently cemented the global bank's commitment to doing business in India.
Fraser expressed enthusiasm after meeting face to face with India Finance Minister Nirmala Sitharaman in New York, as part of Sitharaman's official US visit.
The meeting also served as a platform for Fraser to unveil Citi's #MakeInIndia campaign.
The two leaders discussed how India is forging economic reform "despite a very tough spring," Fraser said in a follow-up post on social media.
"We are energised by the work that Minister Sitharaman is leading to enhance the country's investment climate," the CEO said, pointing to India as the "gold standard" in digital investments and transformation.
"We are delighted to see the strength of the recovery that's happening on the ground there," Fraser noted, while cautioning against the impact of the current supply chain crisis on all countries.
"We are very positive about the opportunities for the country. We're seeing a real pickup in cross border flows. India is going to be a beneficiary," she said.
Citi will focus on "digitisation and partnerships with [financial technology firms] towards digital transformation," India's Ministry of Finance also said.
The commitment follows a wider shift in India's business and political climate – a sea change that Sitharaman highlighted in her speech before US business leaders and investors.
"With the current reset in the global supply chain and clear-headed and committed leadership in India, I see opportunities galore in India for all investors and industry stakeholders," the Finance Minister said.