FM Urges India Inc To Take Risks, Cut Import Dependence

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Finance Minister Nirmala Sitharaman on Wednesday said there are clear signs of an uptick in the economy and the industry should now start taking risks and invest in capacity creation that will help cut import dependence.

While speaking at Global Economic Policy Summit 2021, hosted by the Confederation of Indian Industry (CII) she said “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.”

The minister said that there is no issue with import of components for manufacturing in India, but dependence on import of finished products has to be reduced.

She also asked the industry to offer jobs to reduce income disparity and cut down on importing finished goods reduce and instead ramp up investment in manufacturing.

Sitharaman further said that India is moving towards solar and renewable sources of energy, and this target can be achieved only if all stakeholders are committed towards meeting this goal.

India’s fossil fuel bills are going up as crude oil prices have increased substantially, she said. She further added, “There are no convincing signs visible that prices will fall.

“At a time when India is looking at impetus to growth, I want Indian industry to be a lot more risk-taking and understanding what India wants.” she said.

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