Finance Minister Nirmala Sitharaman called on India Inc to invest and expand capacities while speaking at the IFQM Symposium on Thursday. She emphasized that the government’s policies align with industry expectations.
At the symposium, Sitharaman urged businesses to partner with the government in skilling the youth and maintaining continuous engagement, rather than just reaching out during the Budget season. Her remarks highlight a pivotal moment for Indian industries, as the government prepares to support more extensive investments.
Government Support for Business Growth
In her address, Sitharaman responded to N Chandrasekaran, chairman of Tata Sons, who questioned the industry’s next steps. The Finance Minister confirmed that the government has consistently pursued necessary reforms to ease business operations.
She stated, “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.” Her message comes at a crucial time as companies weigh their opportunities in the market.
Policies to Encourage Investment
The Finance Minister highlighted several initiatives aimed at businesses, including:
- Enhancements in the ease of doing business
- Tax reforms that support growth
- Opening up Foreign Direct Investment (FDI)
- Frameworks designed to facilitate industrial success
According to Sitharaman, the Indian government remains committed to delivering on these expectations, reinforcing a supportive landscape for business investments.
Tata Sons’ chairman, N Chandrasekaran, acknowledged the vast opportunities presented by the government. He stated, “I firmly believe that more entrepreneurs, more small and medium companies and big corporates, would make a lot of investments.” His confidence reflects a growing optimism within the business community as they consider the benefits of renewed investment.
Opportunities in Resilience and Supply Chain
Chandrasekaran further emphasized the need for resilience in supply chains, stating, “The world is calling for resilience and alternative sources.” He pointed out that India is uniquely positioned to meet global demands under the leadership of Prime Minister Modi.
The Finance Minister also recognized the crucial role of the Micro, Small and Medium Enterprises (MSME) sector in contributing to India’s GDP. She assured attendees that the Small Industries Development Bank of India (SIDBI) is available in MSME clusters to support these small businesses.
“Even in this day and age of digital banking, we insisted that SIDBI be present in each of these clusters,” she added, reinforcing the government’s commitment to supporting smaller enterprises.
The Time for Action is Now
Sitharaman’s call to action for India Inc could not be more timely. The convergence of government support and industry readiness signifies an ideal environment for growth.
Experts believe that the ongoing reforms, combined with industry investments, could lead to significant economic expansion. Industry leaders echo Sitharaman’s sentiment, stating that the right framework for business growth has been established.
Ultimately, both the government and industry must continue this partnership to maximize opportunities. The next phase of India’s economic growth depends on collaborative efforts that encourage investment and expansion.
