Investment surge ahead: Finance Minister Nirmala Sitharaman urges Indian corporations to boost investments
Finance Minister Nirmala Sitharaman recently addressed the Indian Foundation for Quality Management (IFQM) symposium, where she discussed the state of the economy and the government's efforts to boost growth.
One of the key areas of focus was the private sector's capital expenditure (capex), which has been slow post-COVID. The government has set a target of achieving a 30% average growth in capex over the next five years.
Tata Sons chairman N Chandrasekaran took the opportunity to ask Sitharaman about her key asks from the industry. In response, the minister emphasised the need for increased investments, partnership in skilling youth, and year-round engagement with the government.
Sitharaman expressed strong confidence in increased investments from small and medium enterprises (SMEs) and big corporations. She also encouraged the industry to expand capacities and invest more.
The minister highlighted the government's efforts to promote ease of doing business, offering tax benefits, and framing policies to improve businesses. She also encouraged the industry to partner with the government for skilling the youth for quick and direct employment.
Sitharaman also spoke about the GST reforms, which are expected to infuse Rs 2 lakh crore into the economy, leaving more cash with people. She stated that the sweeping GST cuts for over 375 items will result in an enduring consumption binge.
Chandrasekaran acknowledged the enormous opportunity and platform given by the government in both the domestic and export markets. He also expressed his appreciation for the government's efforts to boost the economy.
The minister concluded by stating that Prime Minister Narendra Modi has not relented on reforms nor ignored the industry's wish list. She reiterated the government's commitment to supporting businesses and creating a conducive environment for growth.
In conclusion, the Finance Minister's speech at the IFQM symposium emphasised the government's efforts to boost the economy, particularly in the private sector, and the need for increased investments and partnerships with the industry.
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