New Delhi: Minister of Finance Nirmala Sitharaman on Thursday urged the industry to come out in a big way to make investments to support the growth being beaten by Pandemic Covid-19.
Overcoming the CII Annual Meeting, Sitharaman said the government had taken various steps, including lowering the company’s tax rates, and predictable tax regimes.
“It’s time for the Indian industry out in a very big way because today is the time for you to show the ability to take risk (and) making decisions to expand …,” he said.
This is the best time for the Indian industry to ensure that every body whose investment comes out of some geography drawn to India, he said.
“You stand up for India, you partner with them, and you open and I can see a truly new area where the Indian industry moves in.
And I will invite all of you to take this opportunity and take a bull with his horn.
Stock market shows To you how to follow, “he said.
Prime Minister Narendra Modi on Wednesday has requested the domestic industry to increase its appetite as the economic growth of the country shows signs of pick-up.
Observing that the recovery has helped improve resources, he said, “Today’s buoyancy income comes to a level in which we believe that this year GST compensation will be paid to all states in time, so they have money in their hands to do all the activities The development they need to take.
“At the fiscal deficit, he said so far the government played responsibly on the front.
The government has projected a 6.8 percent fiscal deficit of GDP for 2021-22, along with setting a glide path to reduce up to 4.5 percent on 2025-26.
The Minister of Finance stressed that he wanted to see India move forward towards ‘Aatmanirbharta’ or self-sufficiency in several sectors such as energy.
He encourages private players to build capacity to help the country become independent in renewable energy to reduce dependence on fossil fuels.
“Dependence on renewable energy must be such that we can produce local equipment needed to produce renewable energy,” he said.