New Delhi: Finance Minister Nirmala Sitharaman asked industry on Tuesday what is preventing them from investing in manufacturing, despite international investors’ confidence in India.
Sitharaman compared India Inc. to the mythological figure “Hanuman,” stating that the government is ready to work with the sector and implement policy.
We cannot miss the bus because it is India’s time, she continued.
She claimed that in order to encourage domestic industry to engage in manufacturing, the government has implemented a production-linked incentive programme and reduced tax rates.
No policy may serve as its own goal. As we go along, it continues changing. That holds true even for sectors that have emerged in the sunrise industry and for which we have provided legislative assistance via an incentive.
Additionally, I would like to learn from the Indian industry why they are apprehensive (to invest). We will use every effort to encourage business to locate here and invest, but I want to know from India Inc. what’s holding you back? she said.
Speaking at the Mindmine Summit, the minister asserted that FDI and FPI inflows as well as investor confidence on the stock market are evidence that nations and industries outside of India believe it to be the place to be right now.
“Is it like Hanuman? You don’t believe in your own capacity, in your own strength and there got to be someone standing next to you and say you are Hanuman, do it? Who is that person going to tell Hanuman? It can’t certainly be the government,” Sitharaman added.
