New Delhi: Finance Minister Nirmala Sitharaman on Thursday stated that the government has delivered policies in line with industry expectations. She emphasized that it is now time for India Inc to invest more and expand capacities.
Speaking at the IFQM Symposium, Sitharaman urged the industry to partner with the government in skilling the youth. She also called for continuous engagement between industry and government throughout the year, rather than interactions happening only before the Budget announcements.
In response to a question by Tata Sons chairman N Chandrasekaran on what the industry should focus on now, Sitharaman highlighted that Prime Minister Narendra Modi has consistently pushed forward reforms and has not ignored the industry’s wishlist. “The government has been moving as per the industry’s expectations,” she said, adding that significant progress has been made in ease of doing business, tax reforms, opening up Foreign Direct Investment (FDI), and framing policies conducive for industry growth.
“Today I have a basket of things on which the government has delivered… I hope there is no more hesitation for the industry to invest further, to expand capacities, produce more in India, and what else is required by the government to do, spell them out,” Sitharaman added.
Responding to the finance minister’s call to invest, Tata Sons Chairman N Chandrasekaran acknowledged the enormous opportunities and platforms provided by the government, both in the domestic and export markets.
“I firmly believe that more entrepreneurs, more small and medium companies and big corporates, would make a lot of investments. I’m very confident, because without that investment, we will not be able to capture the opportunity,” he noted.
Chandrasekaran further remarked, “The world is calling for resilience and supply chain, alternative sources. India is the best place with the leadership that the honourable Prime Minister provides for all of us.”
Sitharaman also highlighted the importance of the MSME sector, stating that it is the most significant contributor to India’s GDP. The government has ensured that the Small Industries Development Bank of India (SIDBI) maintains a physical presence in MSME clusters.
“Even in this day and age when we are talking about digital banking, we insisted that SIDBI would be present in each of these clusters,” she said.
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https://www.freepressjournal.in/business/govt-has-delivered-on-industrys-wishlist-now-india-inc-must-invest-and-expand-finance-minister-nirmala-sitharaman