The Indian Finance Minister Nirmala Sitharaman today asked India Inc as to what was stopping them from getting into manufacturing when the global countries had been showing their belief in India.

"Countries abroad think India is the place to be right now. FDIs and FPIs are coming. Retail investors believe in India," she said while asking what is stopping India Inc and whether or not it was a case of lack of self-belief.

At the 15th edition of the Mindmine Summit, the minister said, “The NDA government will do everything for the industry to invest in India and provide the schemes required. Policies like PLI, and tax cuts have been provided to support the private industry in India. No policy can be the end in itself, we will keep updating them. A lot more companies are looking to move their manufacturing operations out of China and want to come to India as they find policies like PLI attractive.”

The government last year rolled out the scheme with an outlay of about Rs 2 lakh crore for as many as 14 sectors, including automobiles and auto components, white goods, textiles, advanced chemistry cell (ACC), and specialty steel. The scheme has been specifically designed to boost domestic manufacturing in sunrise and strategic sectors, curb cheaper imports and reduce import bills, improve the cost competitiveness of domestically-manufactured goods, and enhance domestic capacity and exports. The strategy behind the scheme was to offer

The minister added, "In the case of the PLI scheme, we looked at its impact on our labour force. We are looking for in situ solutions for MSMEs as locally they are the ones who train and employ. So the policy has necessarily underlined the importance of labour."

After the government decided to cut imports to boost domestic manufacturing, a surge in demand for the inclusion of sectors like certain electronic components, toys, furniture, bicycle, and containers has been recorded.

What Is Stopping India Inc From Getting Into Manufacturing, Asks Nirmala Sitharaman