'Don't hesitate to invest more, expand capacities': Sitharaman tells India Inc, lists 3 points - Here's all you need to know

NEW DELHI: Finance minister Nirmala Sitharaman on Thursday urged India Inc to step up investments and expand capacities, saying the government has already delivered on key reforms expected by industry.

Speaking at the IFQM Symposium, Sitharaman stressed that the government has delivered on industry expectations, citing reforms on ease of doing business, tax benefits, FDI liberalisation and policies to support growth.



When Tata Sons Chairman N Chandrasekaran asked what the industry should be doing now, FM laid out three key asks for India Inc — invest more, partner with the government in skilling youth, and engage with policymakers year-round, not just before the Union Budget.

"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," FM said, adding that Prime Minister Narendra Modi has "never relented on reforms" or ignored the industry’s wishlist.

"... I hope there is no more hesitation for the industry to invest further, to expand capacities, produce more in India, and spell out what else is required by the government to do," she added.

Responding to the Sitharaman’s call, Chandrasekaran said the government has created "enormous opportunities and a strong platform" for businesses in both domestic and export markets.

"I firmly believe that more entrepreneurs, more small and medium companies and big corporates, would make a lot of investments. I'm very confident, because without that investment, we will not be able to capture the opportunity," he noted.

Chandrasekaran added that with global demand for resilient supply chains, "India is the best place with the leadership that the honourable Prime Minister provides for all of us."

Sitharaman also asked corporates to partner in skilling youth and highlighted the importance of MSMEs, noting that SIDBI has been physically placed in MSME clusters despite the digital banking push.

"I would want the private sector to partner with the government in preparing youth to be fit for quick and direct employment," she said.

"Even in this day and age when we are talking about digital banking, we insisted that SIDBI would be present in each of these clusters," she added.

(With inputs from PTI)