Finance Minister Nirmala Sitharaman urged India Inc to increase investments and expand their capacities during the IFQM Symposium on Thursday. She emphasized that the government has implemented industry-friendly policies, paving the way for substantial growth.
Government Support for Industry Growth
Sitharaman highlighted that the government has consistently delivered on reforms that meet the expectations of the industry. This includes enhancing the ease of doing business, tax reforms, and facilitating Foreign Direct Investment (FDI). She emphasized the need for a continuous partnership between the government and industry to ensure ongoing engagement throughout the year, rather than just around the annual budget.
Industry Leader’s Response
In response to Sitharaman’s call, N Chandrasekaran, chairman of Tata Sons, acknowledged the significant opportunities and platforms created by the government. He expressed optimism about the willingness of entrepreneurs and businesses to invest in both domestic and international 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,” Chandrasekaran stated.
Investment as a Catalyst for Growth
Sitharaman stressed the importance of investment as a catalyst for further 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,” she remarked.
Speaking on how the current global landscape calls for resilience in supply chains, Chandrasekaran noted that India is uniquely positioned to rise to these challenges, thanks to the leadership of Prime Minister Narendra Modi.
Key Contributions from the MSME Sector
Highlighting the role of the Micro, Small, and Medium Enterprises (MSME) sector, Sitharaman stated it significantly contributes to India’s Gross Domestic Product (GDP). To support these businesses, the government has ensured that the Small Industries Development Bank of India (SIDBI) is actively present in MSME clusters, even promoting digital banking initiatives.
“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 added, reinforcing the government’s commitment to supporting small businesses.
Looking Ahead
As the government and industry continue to collaborate, the focus remains on creating a conducive environment for investments and growth. With engaging dialogues and shared objectives, India Inc is encouraged to seize emerging opportunities in the market.
According to recent statistics, a stronger investment approach from companies could lead to an increase in job creation and better overall economic health. Thus, the time is ripe for industry leaders to step up and invest for a brighter future.
As India continues to emerge as a global leader in various sectors, the combined efforts of both the government and the industry will be crucial in navigating the changing economic landscape.
