Finance Minister Nirmala Sitharaman has called on India Inc to invest significantly and scale up production capacities. Speaking at the IFQM Symposium in New Delhi on Thursday, she emphasized the importance of collaboration between the government and the industry in driving growth.
Government Support Encourages Investment
Sitharaman reiterated that the government has delivered on various policies aligned with the industry’s needs, setting the stage for substantial investments. “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 stated.
Collaboration Is Key: Skills and Continuous Engagement
During her address, she urged industry leaders to forge partnerships with the government for skilling youth and maintaining ongoing dialogue throughout the year—not just during the Budget season. This approach is essential to ensure that the industries are ready to adapt to the evolving economic landscape.
The Importance of Investing Now
In response to Sitharaman’s call for increased investments, Tata Sons Chairman N Chandrasekaran acknowledged the vast opportunities presented by the government for both domestic and export markets. “I firmly believe that more entrepreneurs, small and medium companies, and big corporates will make significant investments. Without that investment, we cannot capture the opportunity available to us,” he remarked.
MSMEs: The Backbone of India’s Economy
Sitharaman stressed that the Micro, Small, and Medium Enterprises (MSME) sector is pivotal to India’s economic growth, contributing significantly to the GDP. The government ensures the Small Industries Development Bank of India (SIDBI) is actively present in various MSME clusters, reflecting the commitment to support emerging businesses.
“Even in this era of digital banking, we insisted that SIDBI would be present in each of these clusters,” Sitharaman added, highlighting the need for tangible support in critical areas.
Why Now Is the Time to Invest in India
With a strengthening economy, recent tax reforms, and an improved ease of doing business, now presents an unparalleled opportunity for investment. As Sitharaman pointed out, the government is ready to listen and adapt according to the requirements of the industry.
“What else is required by the government to do, spell them out,” she urged, further affirming her commitment to fostering a conducive business environment.
Chandrasekaran’s Perspective on Future Opportunities
Chandrasekaran reflected on the global call for resilience and supply chain diversification, asserting, “India is the best place with the leadership that the honorable Prime Minister provides for all of us.” His remarks underline the unique positioning of India in the global market, which requires swift action from both the government and industry stakeholders.
Overall, the combined insights from Sitharaman and Chandrasekaran highlight that with effective strategies and continuous collaboration, India can emerge as a strong player in the global economy.
