NEW DELHI: As private investments continue to remain low, finance minister Nirmala Sitharaman on Wednesday asked the industry not to delay investments and take more risks and help the economy to recover.
"I want India Inc. to be a lot more risk taking, build capacity and understand what India is looking for. We want the Indian industry to come forward and expand," Sitharaman said, in her address at Global Economic Policy Summit on Wednesday, hosted by the Confederation of Indian Industry (CII).
She said that while the government is ready to take policy decisions, facilitate reforms and increasing capital expenditure and expanding infrastructure, the industry cannot be sitting and watching, waiting for the risks to be subdued.
"Come forward, open up, expand, bring in new investment. You are seeing the kind of final finished commodities that are coming. You are seeing the kind of imports we are bringing of components which you are fully capable of manufacturing. FDIs are flowing in, there is no doubt. But can it also be visibly seen with India Inc to stand up and say yes, we are ramping up our capacities, no more we are sitting and watching when will the risks be far lesser," Sitharaman added.
Talking about India's dependence on imports, even on essential items like PPE kits, Sitharaman said the private sector has to walk the extra mile to support growth momentum. "I was very touched when Uday Kotak spoke about income disparities which are growing. It can’t be bridged without you coming forward to offer jobs. It can’t be bridged without you reducing the import bill for us," Sitharaman said, adding that to support the industry participation, the government is facilitating all reforms.
"Even as we want to be linked with the global value chains, we have to understand and take cognizance of the risks it has posed us," the finance minister said.