Emphasising on the trust that the government reposes in industry, Smt Nirmala Sitharaman, Minister of Finance and Corporate Affairs, said that this trust is important to leverage the opportunities thrown up by the pandemic, and can take India one generation ahead. She added that this trust is also reflected in Government’s actions. The Finance Minister was addressing the CII members at Chennai yesterday.
Welcoming continuous feedback and inputs from industry, the Finance Minister said that the ongoing dialogues with industry has enabled the Government to take a series of actions, as the pandemic situation evolved.
Elaborating on the Government’s strategy for handling the pandemic, Smt Nirmala Sitharaman, said that on one hand the focus is on ramping up vaccination as that was the big protection against the pandemic. On the other hand the Government is working on ramping up health infrastructure, including in the tier 2 and tier 3 cities, by supporting the private sector.
Finance Minister reiterated that the announced disinvestment plan was on track. She further shared that the Development Finance Institution announced in the budget would be operational soon. She also expressed satisfaction that liquidity is no longer a major concern, and that the Bank-NBFC-MFI channel has been de-clogged and from 15th October there would be a special drive to reach out credit to those who need it.
Earlier while sharing CII’s perspective on the Indian economy, Mr T V Narendran, President CII said that the first quarter GDP growth of 20.1% firmly establishes the setting in of the recovery. He further elaborated that CII expects a GDP growth of at least 9.5% for this fiscal, provided vaccination continues to gather pace and there are no further severe waves of the pandemic.
Mr Narendran applauded Government’s initiatives towards preparedness for the third wave and interventions aimed at catalysing private investments, such as the Production Linked Incentives and the National Monetisation Pipeline. He urged the Government to continue frontloading its committed capital expenditure to support the demand recovery and for the virtuous cycle of private investments to set in.
Industry captains from leading corporate houses, across multiple sectors participated in the interaction, including the Hinduja Group, Cavinkare, Daimler India Commercial Vehicle, Apollo Hospitals, 3M India, Star Health Insurance, Saint Gobain India, Tractors and Farm Equipment, Chettinad Group etc.