FM to India Inc: Why are you hesitant to invest in manufacturing?

NEW DELHI: 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 parallel between India Inc and mythological character ‘Hanuman’, 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 production linked incentive scheme, cut tax rates to encourage the domestic industry to invest in manufacturing.

No policy can be 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 is it that they are hesitant (to invest). We will do everything to get the industry come and 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.