Sitharaman Compares India Inc. To 'Hanuman', Asks Why It Is Hesitant To Invest In Manufacturing
FM said the government is willing to engage with the industry and take policy action.
Finance Minister Nirmala Sitharaman has sought to know from the industry what is holding it back from investing in manufacturing, even though foreign investors show confidence in India.
Drawing parallel between India Inc. and Hindu god Hanuman, Sitharaman said the government is willing to engage with the industry and take policy action.
“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 said on Tuesday.
This is the time for India, and the government is willing to hear the industry and act on what you give us. We can not miss the bus this time and lose momentum.Finance Minister Nirmala Sitharaman
She said the government has brought in production-linked incentive scheme, cut tax rates to encourage the domestic industry to invest in manufacturing.
“No policy can be end in itself... it keeps evolving as we go on. That applies even to industries that have come in the sunrise sector for which we have given policy support through an incentive."
Speaking at the Mindmine Summit, the minister said countries and industries abroad think India is the place to be in now and this is reflected in FDI and FPI inflows and confidence among stock market investors.
"Since 2019, when I’ve taken charge of the finance ministry, I’ve been hearing, the industry doesn’t think it is conducive. Alright, we’ll bring the rate down—the tax rate was brought down. And I keep defending industry—the private sector—even when people provocatively have asked, what would you want to tell the private sector?"
“I would equally want to know from the Indian industry why is it that they are hesitant [to invest]… We will do everything to get the industry come and invest here... [but] I want to hear from India Inc. what's stopping you?,” she said.
(With inputs from PTI)