Why you are not investing? Finance minister to industry


NEW DELHI: Finance minister Nirmala Sitharaman on Tuesday sought to know from industry why it was not investing, especially when foreign companies had shown interest in coming to India and vowed to provide every possible support.
“Since 2019, I have been hearing that industry doesn’t find it conducive, so I brought the (corporation) tax rate down. I keep defending the private sector when even provocatively people have said what would you want to tell the private sector. We will do everything to get industry to come and invest here, give PLI (production-linked incentive scheme). I want to hear from India Inc, what’s stopping you when countries and industries abroad think this is the place to be now? FDI is coming, the stock market is confident, the Indian retail investor believes in them,” she said at an industry conference.
The statement comes at a time when several sectors had begun seeing some fresh investment announcements as capacities got used up. But the recent rate increase and slowdown in developed countries is seen to be a dampener, prompting companies to postpone some of the planned expansion.
At a book launch at the Delhi School of Economics, the FM also spoke about the need to recalibrate multilateral institutions (such as the World Bank and the International Monetary Fund) to be relevant in the post-pandemic world. Domestically, while pointing to the suggestion to set up a Fiscal Council, a watchdog for public finances, the FM also underlined the need to rejuvenate some of the institutions that have been set up in line with the Constitution.
Interest in rupee trade
The FM also said that several countries have evinced interest for bilateral trade in rupee after the Reserve Bank of India (RBI) announced a new mechanism and added that, in a way, it was opening the Indian economy more than what many had imagined.
“It isn’t the rouble-rupee, which was in the old format. Now this (bilateral rupee trade) formulation, which I am glad the RBI has come up at a time, which was so critical,” she said when asked if the country is ready for capital account convertibility.





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