Sitharaman compares India Inc to 'Hanuman', questions hesitation on investing in manufacturing

NEW DELHI: Finance Minister Nirmala Sitharaman on Tuesday sought to know from the industry what is holding it back from investing in manufacturing, even though foreign investors show confidence in India.

Drawing parallels between India Inc and the mythological character 'Hanuman,' Sitharaman said that the government is willing to engage with the industry and take policy action.

"This is the time for India- We cannot miss the bus," she added.

She also said that the government has brought in a production-linked incentive scheme, to cut tax rates and encourage the domestic industry to invest in manufacturing.

"No policy can end in itself because it keeps evolving as we go on. That applies even to industries that have come in the sunrise sector for which we have given policy support through an incentive.

I would equally want to know from the Indian industry why is it that they are hesitant (to invest). We will do everything to get the industry to come and invest here.

(but) I want to hear from India Inc what's stopping you?" she said.

Speaking at the Mindmine Summit, the minister said countries and industries abroad think India is the place to be in now and this is reflected in FDI and FPI inflows and confidence among stock market investors.

"Is it like Hanuman? You don't believe in your own capacity, in your own strength and there got to be someone standing next to you and say you are Hanuman, do it? Who is that person going to tell Hanuman? It can't certainly be the government," Sitharaman added.