FM urges India Inc to expand, invest more
Take advantage of the policies and reforms undertaken by government, Sitharaman tells industry
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New Delhi: Finance Minister Nirmala Sitharaman on Thursday asked India Inc to take advantage of the policies and reforms undertaken by the government and no longer hesitate to invest more and expand capacities.
Sitharaman also asked the industry to partner with the government for skilling the youth and also to engage with the government throughout the year, and not just before the Budget.
Speaking at the Indian Foundation for Quality Management (IFQM) symposium, Sitharaman said the path to ‘Viksit Bharat’ will be guided by a seasoned approach to quality management, identifying the levels and sectors within manufacturing and services where interventions are most needed.
To a question by Tata Sons chairman N Chandrasekaran on her key asks from the industry, Sitharaman listed out three points -- invest more, partner with the government in skilling youth, and have a year-round engagement with the government and not just before the Budget.
She said the government has been steadily moving and with necessary seriousness, as per the expectation of the industry and cited several government initiatives for promoting ease of doing business, tax-related benefits, framing policies to make businesses better off and opening up for more FDI.
“... Today I have a basket of things on which the government has delivered,” Sitharaman said, adding Prime Minister Narendra Modi has never relented on reforms, nor has he ignored the wishlist of the industry. I hope there is no more hesitation for the industry to invest further, to expand capacities, produce more in India, and spell out what else is required by the government to do,” Sitharaman said.
On the point of skilling youth, Sitharaman said she would want the private sector to partner with the government in preparing youth to be fit for quick and direct employment. On the third point of industry engagement, she said the interaction with the government should be ongoing.
“It should not be just before the Budget... We are all here to hear you and respond,” the Minister said. Responding to the finance minister’s call to the industry to make investments, Tata Sons Chairman N Chandrasekaran acknowledged that the opportunity and the platform that the government has given are enormous, both in the domestic market and in the export market.
