By Pragati Saha
Finance Minister Nirmala Sitharaman recently stated that the government has worked on meeting the expectations of Indian businesses with their supportive policies. And beginning from now, she has urged the industry to expand more on their capabilities and try on reaching that momentum.
During her speech at the IFQM Symposium, Sitharaman mentioned that the government has focused on numerous sectors of the industry and worked to improve the facilities by implementing tax reforms, attracting foreign direct investment, and creating industry-friendly policies. She encouraged companies to overcome their hesitation and has played a role in strengthening the overall economy.
The finance minister urged these businesses to work with the government in continuum after the pre-budget period is conducted. Requesting cooperation from young people to train and to create supply chains, the government plans on engaging young minds behind this industry-government partnership.
In response to what was asked from the chairman of Tata Sons N Chandrasekaran about the current role of the industry, she stated that the Prime Minister has supported reforms and attention has been paid to the needs of industry.
The meeting had discussions about the centre’s assistance to the state for capital building. It was also mentioned that approximately ₹3.6 trillion has been given to 22 states over the last four years through a program of 50-year interest free loan.
A total capital spending goal of 11.21 trillion has been set by the government. Capital expenditure is up to 33% year-over-year at ₹3.47 trillion, in the first four months.
During her speech at the CII GCC business summit Sitharaman particularly mentioned that the 50-year interest free loan was given to the state government to benefit them with increased capital assets with the spending funds. This assistance will further enable the state to achieve over more than 10 percent growth in capital expenditure from their own funds.
To emphasize the infrastructure which was achieved in the last 11 years, it was pointed out that India has 88 airports which are operating at present, 31000 km of new railway tracks were constructed, newer metro railways were constructed and ports were doubled with the national highway network being increased by atleast 60 percent.