FM Nirmala Sitharaman compares India Inc to Hanuman, asks why not invest in manufacturing

Sitharaman compares India Inc to 'Hanuman', asks why it is hesitant to invest in manufacturing

PTI
First Published13 Sep 2022, 03:10 PM IST
Union Finance Minister Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman(ANI)

Finance Minister Nirmala Sitharaman on Tuesday sought to know from industry what is holding it back from investing in manufacturing, even though foreign investors show confidence in India.

Drawing a parallel between India Inc and the mythological character, 'Hanuman', Nirmala Sitharaman said the government is willing to engage with the industry and take policy action.

“This is the time for India… We cannot miss the bus,” she added.

She said the government has brought in a production-linked incentive scheme, and cut tax rates to encourage the domestic industry to invest in manufacturing.

“No policy can be an end in itself.. it keeps evolving as we go on. That applies even to industries that have come in the sunrise sector for which we have given policy support through an incentive."

“I would equally want to know from the Indian industry why they are hesitant (to invest)…. We will do everything to get the industry to invest here..(but) I want to hear from India Inc what's stopping you?,” she said.

Speaking at the Mindmine Summit, the minister said countries and industries abroad think India is the place to be in now and this is reflected in FDI and FPI inflows and confidence among stock market investors.

“Is it like Hanuman? You don't believe in your own capacity , in your own strength and there got to be someone standing next to you and say you are Hanuman, do it? Who is that person going to tell Hanuman? It can't certainly be the government," Sitharaman added. 

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First Published:13 Sep 2022, 03:10 PM IST
HomeEconomyFM Nirmala Sitharaman compares India Inc to Hanuman, asks why not invest in manufacturing

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