‘Invest, expand capacities, produce more’: FM Sitharaman asks industry to not hesitate

Finance Minister Nirmala Sitharaman said it is now time for India Inc to invest more and expand capacities, to join forces with the industry to skill youth, and to engage with the government throughout the year and just not before the Budget.

Sitharaman at the IFQM Symposium said Prime Minister Narendra Modi has never relented when it comes to reforms. He has also always kept the wishes of the country in mind. The finance minister said that the government has delivered on ease of doing business, tax reforms, opening up FDI, and framing policies conducive for the industry.

“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, and what else is required by the government to do, spell them out,” Sitharaman said.

“Our path towards Viksit Bharat will not be based merely on infrastructure development or nominal improvements in human resource training. It will be guided by a seasoned approach to quality management, identifying the levels and sectors within manufacturing and services where interventions are most needed…With the experienced input of industry leaders, these interventions can serve as a powerful catalyst to enhance production in India and improve the quality of services across the country,” she said.

She further said that India’s most significant contributor to the GDP is from the MSME sector, and the government has ensured that the Small Industries Development Bank of India is physically present in MSME clusters.

The finance minister also said that the government has made provisions for skilling manpower by engaging with various authorities apart from through training courses. “We have committed ourselves to strengthening institutions that have existed for decades in India but have not seen much upgradation. This requires resources and we have allocated funds in the budget to support such grassroots institutions,” she said.

Sitharaman said that the biggest grievance in the industry was the gap between qualifications and job readiness.