Union Finance Minister, Nirmala Sitharaman, has called upon the Indian industry to step-up its support to the government in generating employment, increasing production, and upskilling the youth.
Speaking at a symposium of the Indian Foundation for Quality Management (IFQM) on Thursday, Sitharaman asserted that the government under Prime Minister Narendra Modi had delivered on its promises to the industry on tax reforms, opening up the FDI, framing industry-specific policies, and enhancing the ease of doing business.
"Today I have a basket of things on which the government has delivered... I hope there is no more hesitation for the industry to invest further, to expand capacities, produce more in India, and what else is required by the government to do, spell them out," the minister said, while responding to a query by N Chandrasekaran, Chairman, Tata Sons, on what the government’s expectations were from India Inc.
On the Finance Minister’s appeal to business houses to engage with the government as partners, Chandrasekaran acknowledged that the opportunities accorded by the Centre in domestic and export markets were enormous.
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Stressing on the global uncertainty in trade, the Tata Sons chairman said collective efforts in enhancing quality manufacturing is required to support the government in its ‘Viksit Bharat’ mission.
"If India is to achieve its goals of economic, social, infrastructure and inclusive growth, then we need to be working closely with the vision of the honorable Prime Minister in multiple dimensions," Chandrasekaran noted, adding that he is certain of greater investments by more entrepreneurs, small and medium companies and big corporates.
Stating that "the world is calling for resilience in supply chain and alternative sources", he said he is in agreement with the finance minister on the significance of the MSME sector in contributing to the country’s GDP.
“At a time when the world is going through several challenges in terms of macroeconomic instability and geopolitical conflicts that are leading to supply chain issues, production issues, and mobility of workforce, there is a need to focus on quality and excellence in manufacturing and services,” Chandrasekaran said.
In order to develop the “entire ecosystem across all stakeholders” he noted that "India needs to be able to be counted for producing products and services at the highest levels globally.”
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