What's Stopping You From Investing? Nirmala Sitharaman To Indian Industries
The finance minister raised this concern when foreign companies had shown interest in coming to India and vowed to provide every possible support
Finance minister Nirmala Sitharaman, on Tuesday, asked Indian industries why it are not investing and compared them with the mythological character 'Hanuman', to point out the ignorance of their own strength. Sitharaman particularly raised this concern 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 you would want to tell the private sector. We will do everything to get industry to come and invest here, give production-linked incentive (PLI) 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," said the minister in a statement.
Sitharaman further added while addressing the Mindmine Summit, "Is it like Hanuman? You don't believe in your own capacity, in your own strength and there is 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."
As per reports, the recent investment rate increase and slowdown in developed countries is seen to be a dampener, prompting companies to postpone some of the planned expansion. Pointing this scenario, the minister further said that countries and industries abroad think India is the place to be in now and this is being reflected in FDI and FPI inflows, and confidence among stock market investors.