FM Sitharaman Urges Increased Private Investments for India's Economic Growth
Finance Minister Nirmala Sitharaman has called on the corporate sector to increase private capital expenditure to drive India's economic growth. Speaking at the FICCI's National Conclave on ‘Viksit Bharat @ 2047: Viksit Bharat & Industry’, Sitharaman emphasized that global investors are trusting India's prospects, urging the domestic industry to actively participate in the nation's economic trajectory.
Addressing industry leaders, Sitharaman encouraged greater joint venture partnerships globally and underscored the importance of continuing reforms, including those in digital infrastructure and all factors of production. She assured that measures have been taken to relieve businesses from undue duress and compliance burdens, with ongoing systemic reforms.
Acknowledging the historical alignment of the Indian industry with national interests, Sitharaman praised its resilience, even during the British era. She highlighted the industry's pivotal role as the first contributor and beneficiary in the development of India.
The Finance Minister's call aligns with the Reserve Bank of India's (RBI) observations in its February bulletin. RBI Governor Shaktikanta Das noted expectations of a fresh round of capital expenditure by the corporate sector, anticipating it to be a catalyst for the next phase of economic growth. Das attributed the momentum in India's investment cycle to sustained government capex, increased capacity utilization, a growing flow of resources to the commercial sector, and policy support through initiatives like the production-linked incentive (PLI) scheme.
Sitharaman's appeal to the corporate sector underscores the collaborative effort needed to propel India's economic growth and leverage the trust of global investors in the country's potential.
