New Delhi: Minister of Finance Nirmala Sitharaman on Thursday said that the government is committed to economic revival and will carry out the necessary steps needed to increase growth.
Overcoming a special plenary session organized by the Indian Industrial Confederation (CII) on the theme ‘India @ 75: Government and business work together for Aatmanirbhar Bharat’ through video conferencing, Sitharaman said that the economy has benefited from all collective participation, thinking and coordination of efforts stakeholders.
“I thank the Indian industry because it is at the level of leading while facing challenges during the first and second covid waves,” he said.
Highlighting uptick in economic activities, the finance minister shows that the growth of the core sector 8.9 percent has been possible due to public expenditure.
He also stressed that the center was committed to carrying out reforms that would improve the economy.
“Every opportunity we have, IBC, Factoring, Tribunals, etc., our commitment to reforms continues through real steps in parliament,” he said.
However, he noted that the economy had not yet reached a level in which the central bank could begin to withdraw liquidity because it was still recovering from the shock of the two main waves of Coronavirus.
“I am happy that the RBI (Reserve Bank of India) understands that faster liquidity taking from the economy may not do the things needed to win,” Sitharaman said at a virtual conference with the industry.
“They have not given an indication of wanting to suck the liquidity available there,” he added.
Sitharaman also ensures that the center is committed to completely completing the delayed divestment and privatization process that is embedded in its policy.
Furthermore, he urged the industry to advance and show the ability to take risks by investing in the economy and making decisions to expand the business.
“The Indian industry moves to a truly new area.
I invite all of you to take a bull with horns and help the US.
The government is with you,” he added.