By Our Special Correspondent
Despite foreign investors showing confidence in India, Finance Minister Nirmala Sitharaman on Tuesday sought to know from the industry what is stopping them from investing in the manufacturing sector.
Drawing a parallel between India ink and the mythological character 'Hanuman', Nirmala Sitharaman said the government is ready to engage with the industry and take policy steps.
She said the government has introduced a product-based incentive scheme and reduced tax rates to encourage domestic industries to invest in the manufacturing sector.
“No approach is final...it evolves as we move forward. The same applies to industries that have come up in the sunrise sector, for which we have provided policy support through incentives."
“I also want to know why Indian industry is hesitating (to invest)…. We will do everything for the industry to invest here... (But) what is stopping you from India Inc?” she said.
Speaking at the Mindmine Summit, the minister said that countries and industries abroad now feel that India is a suitable destination, reflecting FDI and FPI inflows and confidence among stock market investors.
“Are you like Hanuman? You don't believe in your own ability, your own power and you have to have someone beside you and say you are Hanuman, don't you? Who is the man going to tell Hanuman? It is definitely not the government," Sitharaman said.
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