Bhoomika Singh
Union Finance Minister Nirmala Sitharaman on Tuesday sought to know the reasons for India Inc’s hesitance regarding investing in manufacturing even as she assured all possible support from the government to facilitate investments in the country.
“We will do everything to get industry coming and investing here…We have given PLI. I want to hear from India Inc, what’s stopping you,” the finance minister said while speaking at the Mindmine Summit.
Sitharaman said the government has taken a number of steps to make the business environment conducive. The initiatives taken by the government to support industry include a reduction in corporate tax and the introduction of a production-linked incentive (PLI) scheme to boost manufacturing.
“Since 2019, when I took charge of the finance ministry, I have been hearing industry doesn’t think it’s (environment) conducive. Alright, the tax rate was brought down. I keep defending the industry,” she said.
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The finance minister pointed out that foreign direct investment (FDI) and foreign portfolio investment (FPI) have been rising in India even though domestic investors hold back on Investing in Manufacturing.
“Countries and industries abroad think this is the place to be in now, at this time. FPI and FDI are coming. The stock market is so confident. Is it like Hanuman, and you don’t believe in your own capacity and strength,” the finance minister asked the Indian Inc.
