Take lot more risks and build capacity: FM Sitharaman to India Inc

Finance Minister Nirmala Sitharaman, during her address at a CII conference on "Creating Synergies for Seamless Credit Flow & Economic Growth" today, said she wants India Inc to be a lot more risk-taking, build capacity and understand what the country is looking for.

"We want the Indian Industry to come forward and expand," the FM said at the CII summit.

She said it is due to the collective efforts of the people India has bounced back as the fastest growing economy despite the pandemic hitting it hard. "We are able to stand up today and say that we are one of the fastest-growing economies, despite the pandemic. Credit is to be given to the people," she said.

Speaking about the Indian industry, the FM said: "I have always held it as a principle that the compartments in which we would want to put demand side and supply side are fantastic only when you are in a classroom teaching students".

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Whether you are building a road or mass housing, you need to be scaling up and speeding up, she said, adding that it is "that work which would gain traction in government policy and the government's funding initiative".

On the COVID-19 situation in the country, the FM said there are no "simplicities" in the government's public policy on COVID-19, neither zero-COVID-19 nor complete freedom. "It is something in between. A calibrated and careful opening up, making sure we watch the numbers and the science as the virus evolves."

She said changing nature of labour, 4G revolution, data being imperative for productivity ramp up and supply chain shocks should be seen in the background of Atmanirbhar Bharat.

On the issue of transition towards clean energy, the Finance Minister said: "We need to use gas for transitional fuel but imported crude is costlier than last year. Commitment to fund more gas and moving to solar or renewables is a risk as signs that cost will fall are not there."

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