In the run-up to three years of the National Democratic Alliance government, Minister of State for Commerce & Industry Nirmala Sitharaman is looking at consolidation of the major initiatives. But, there are many more areas where new things have to come, the minister told Subhayan Chakraborty and Indivjal Dhasmana in an interview on Tuesday.
Topping the list of new things is Industrial Revolution 4.0, for which a policy should be in place by September, marking the third anniversary of Make In India.
Will that help multinationals such as Apple Inc to manufacture in India? “It would improve things for everyone and not just for any one company,” was the reply.
On job creation, she said it cannot be done by the government alone and that the spirit of entrepreneurship must be kept up.
Demonetisation, the goods and services tax, and a likely new financial year should not be seen as disruptive events for the industry, she said. “These steps would help streamline the economy.”
Did she push for a stronger rupee? Sitharaman said, “The rupee finding its true position has always been the stance and the intention is never to interfere in the market to artificially lower or boost it.” But, a strong rupee should not be seen as a deterrent for exports. As it is, India’s economy is not only dependent on exports but also on domestic markets, she said.
If India loses the right to provide direct benefits to some sectors under World Trade Organisation (WTO) laws by 2018? The minister said no sector can be left to go high and dry.