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Business EYE AUGUST 13, 2021 | The Indian Eye 34

Govt urges industry to

boost investment for growth amid

commitment to more reforms

Finance Minister Nirmala Sitharaman says government will complete the sale of

Air-India and BPCL soon

Our BurEau she would like to see India moving ahead in

New Delhi the direction of ‘Aatmanirbharta’ or self-suf-
ficiency in a few sectors such as energy.
he government is committed to do- She encouraged private players to build
ing everything that is required to capacity to help the country become self-re-
Trevive the economy, finance minis- liant in renewable energy in order to reduce
ter Nirmala Sitharaman said on Thursday the dependence on fossil fuels. “Reliance
as she assured industry about the Centre’s on renewable energy should be such that
commitment to reforms and urged India we are able to produce locally equipment
Inc to come out in a big way and show its that is needed to generate renewable ener-
risk-taking abilities. Addressing the annual gy,” she said.
session of the Confederation of Indian In- She said the messages and the indica-
dustry (CII), Sitharaman also said the gov- tions that are coming in are very clear that
ernment and the RBI will both push growth the economy is revving to come out. The
and take all necessary steps to keep infla- FM said the financing needs of the growing
tion contained. economy have been successfully met by the
“Government’s commitment to recov- over Rs 5 lakh crore of capital, which was
ery is shown in so many different ways and put in the hands of various stakeholders
we are going to continue doing that because through the credit outreach programmes of
recovery and its sustainability is something the government.
which the PM is very keenly invested in,” Sitharaman also said the economy has
said Sitharaman. not reached a level where the liquidity which
Nirmala Sitharaman on Thursday urged was pumped in during the pandemic can be
the industry to come out in a big way to pulled back. “I don’t think we have reached
make investment for supporting growth that level and I am glad that RBI has been
battered by Covid-19 pandemic. Sithara- voicing that understanding that too quick a
man said the government has already taken retrieval or sucking out of the liquidity from
various steps, including bringing down cor- the economy may not do the necessary
porate tax rate, and predictable tax regime. Finance Minister Nirmala Sithraman stimulus, which is required. I am glad that
“It’s time that the Indian industry comes RBI has kept that understanding and they
out in a very big way because today is the country’s economic growth showing signs of have not given any indication about want-
time for you to show the risk-taking abilities pick up. ing to suck out the liquidity which is avail-
(and) take decisions to expand...,” she said. Observing that recovery has helped in able there,” the FM said.
This is the best time for Indian industry enhancing resources, she said, “Revenue Sitharaman cited the passage of crucial
to ensure that every body whose investment buoyancy has today come to a level where bills in Parliament in the just concluded
is coming out of some geography are drawn we are sure that this year the GST compen- monsoon session as the government’s com-
towards India, she said. sation will be paid to all the states in time, mitment to push ahead with reforms. The
“You stand up for India, you partner so that they have money in time in their FM made it clear that the government will
with them, and you open up and I can see hands to undertake all the developmental push through stake sales in all the compa-
totally new areas into which Indian industry activities they need to take.” nies such as Air India, BPCL this year as
is moving in. And I would invite all of you On fiscal deficit, she said so far the gov- well as proceed with the asset monetiza-
to take this opportunity and take the bull ernment has played responsibly on that tion plan. “Policy-driven disinvestment and
by its horns. The stock market is showing front. The government has projected a fis- privatization will continue with the same
you the way please do follow it,” she said. cal deficit of 6.8 per cent of the GDP for fervor,” said Sitharaman, adding that “nec-
Prime Minister Narendra Modi on 2021-22, along with setting a glide path to essary rigorous work is going on and the
Wednesday had asked the domestic indus- reduce it to 4.5 per cent by 2025-26. government is committed to the disinvest-
try to enhance its risk-taking appetite as the The finance minister emphasized that ments announced in the budget.

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