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Industry should take risk, invest in capacity building: Sitharaman

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Finance Minister Nirmala Sitharaman has given signs of improvement in the economy.

New Delhi:

Union Finance Minister Nirmala Sitharaman Finance Minister Nirmala Sitharaman said on Wednesday that there are clear signs of recovery in the economy and now the industry should also be ready to take risks and invest in capacity building. Sitharaman, while addressing the CII Global Economic Policy Conference 2021, said that the industry should come forward to reduce the country’s dependence on imports.

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“I appeal to the industry not to delay further in capacity building. Looking at the emerging new sectors, you should not delay in finding partners,” she said, emphasizing the need to reduce import dependence. Said that there is no problem in importing essential products for manufacturing in India but import of finished products should be reduced.

Sitharaman said, “Despite the desire to be connected to the global supply chain, we have to keep in mind the risks associated with it. As responsible Indians, we have to keep in mind the risks associated with dependence.”
However, she tried to make it clear that she is not talking about closing the doors for imports. He asked the industry to cut down on the number of finished products imported and increase investment in manufacturing.

He also requested the industries to provide more employment to reduce the income inequality. Sitharaman said, “When India’s eyes are on accelerating growth, at that time I want Indian industries to take more risks and understand India’s desire.” Trying is engaged. Apart from scrapping about 1,500 laws, each ministry has also been asked to take necessary steps to address the grievances of the industries.

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(This news has not been edited by NDTV team. It has been published directly from Syndicate feed.)

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