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Sitharaman asked why are domestic industries hesitant to invest in the manufacturing sector and what things are stopping them
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Finance Minister Nirmala Sitharaman on Tuesday asked the domestic industries the reasons for showing a sluggish attitude towards investment in the country. Along with this, she compared Indian industries with Lord Hanuman and said that like him, you do not realise your potential and strength.
Sitharaman asked why are domestic industries hesitant to invest in the manufacturing sector and what things are stopping them. According to the Finance Minister, at the time when investments from all over the world are coming to India, the domestic industry cannot miss this opportunity.
The Finance Minister said that the government is willing to work closely with the industry and is ready to take policy steps. She said that no policy can be final in itself. It keeps on evolving as we move forward. This also applies to industries that are part of the emerging sector, for which we have provided policy support through incentives.
She said that the government came up with a production-based incentive scheme, cut tax rates for investment in the manufacturing sector. The Finance Minister said that this is the time of India and we cannot lose this opportunity.