Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Economy / FM asks industry to start taking risks, invest in capacity creation
BackBack

FM asks industry to start taking risks, invest in capacity creation

Addressing a CII event, Nirmala Sitharaman said: “I appeal to industry not to further delay increasing capacity, not to further delay looking at areas to partner in technology.”

Union Finance Minister Nirmala Sitharaman during the CII Global Economic Policy Summit 2021 (PTI)Premium
Union Finance Minister Nirmala Sitharaman during the CII Global Economic Policy Summit 2021 (PTI)

Finance Minister Nirmala Sitharaman on Wednesday said there are clear signs of an uptick in the economy and the industry should now start taking risks and invest in capacity creation that will help cut reliance on imports.

Addressing an industry event, she said: “I appeal to industry not to further delay increasing capacity, not to further delay looking at areas to partner in technology."

She also asked the industry to offer jobs to reduce income disparity and cut down on importing finished goods reduce and instead ramp up investment in manufacturing.

“At a time when India is looking at impetus to growth, I want Indian industry to be a lot more risk-taking and understand what India wants," Sitharaman said at CII Global Economic Policy Summit 2021.

India must become more self-reliant after the pandemic disrupted supply chains and showed the risks of depending on imports for essential goods, the finance minister said.

"Even as we want to be linked with the global value chains, we have to understand and take cognizance of the risks it has posed us," Nirmala Sitharaman said. She said India had to import protective equipment and testing kits during the initial phase of the pandemic.

She said India will need to build manufacturing centres at scale to reduce dependency in the future.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 17 Nov 2021, 06:25 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App