Finance Minister Nirmala Sitharaman recently addressed India Inc at the IFQM Symposium, urging businesses to seize the moment and invest more into capacity expansion. Her firm belief in the government’s supportive role was evident as she called for industry leaders to partner with the government in fostering growth.
During her speech on Thursday, Sitharaman stated that the Indian government has met industry expectations with various reforms and policies. She emphasized the need for continuous engagement with the government beyond just pre-Budget discussions.
Government Support for Industry Growth
Highlighting various initiatives, Sitharaman pointed out that the government has successfully enhanced the ease of doing business, instituted tax reforms, and opened up avenues for Foreign Direct Investment (FDI). All these efforts are aimed at creating a constructive environment that encourages investment from the private sector.
“Today, I have a basket of things on which the government has delivered,” she stated. “I hope there is no more hesitation for the industry to invest further, to expand capacities, and produce more in India.” This clarion call was aimed at showing India’s readiness for increased investment.
Industry Leaders Affirm Investment Potential
Reacting to Sitharaman’s appeal, N Chandrasekaran, the chairman of Tata Sons, expressed confidence in the government’s efforts and the vast opportunities available. He remarked that both domestic and export markets present enormous potential for entrepreneurs and businesses.
“I firmly believe that more entrepreneurs, more small and medium companies, and big corporates would make a lot of investments. Without that investment, we will not be able to capture the opportunity,” Chandrasekaran commented, reinforcing Sitharaman’s message.
Importance of MSMEs in the Economic Landscape
Sitharaman also highlighted the critical role of the MSME sector in contributing significantly to India’s GDP. She emphasized the government’s commitment to supporting this sector through the Small Industries Development Bank of India (SIDBI), ensuring its presence in MSME clusters across the country.
“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, demonstrating the government’s focus on making financial services accessible to smaller businesses.
The Road Ahead: A Call to Action
As the global market calls for innovation and resilience in supply chains, Chandrasekaran sees India as a prime contender. “India is the best place with the leadership that the honourable Prime Minister provides for all of us,” he concluded.
The message from both the Finance Minister and industry leaders is clear: Now is the time for India Inc to invest in growth and expansion. By capitalizing on the government’s support and committing to further development, businesses can help shape a resilient and prosperous economic future for India.
Investing more today can lead to a brighter tomorrow for both companies and the nation, making this an urgent call to action for all involved in India’s economic landscape.
