Finance minister Nirmala Sitharaman said that the government has taken all the necessary reforms to help the economy and now it is time for the Indian business leaders to come forward and make investments to boost the economy.
“Time has come for the industry to come forward and make investments, push economic recovery,” Nirmala Sitharaman said addressing the CII Annual Meeting 2021.
Sitharaman reminded industry representatives of what the government has done to boost economic growth and to improve the investment climate including the corporate rate cut of 2019 and appealed to businesses to take bold decisions to expand. “It is time the Indian industry comes out in a very big way because today is the time for you to show the risk-taking abilities, to take decisions to expand. Corporate tax is at its lowest. This was done by us in October 2019,” the minister said.
Sitharaman explained that the government did not ask for an extra penny of tax from either individuals or corporations to manage the coronavirus pandemic. She appealed to the business leaders to tie up with foreign partners to attract investment and to reduce their reliance on imports. “I would think this is the best time for the Indian industry to ensure that everybody whose investment is coming out of some geographies is drawn to India. You stand up for India, you partner with them and you open up. I can see totally new areas into which Indian industry is moving in and I would invite all of you to take this opportunity, take the bull by its horns,” the minister said.
The finance minister assured the business that the government is committed to the revival of the economy and will continue to undertake various steps to boost growth.