Industries Should Not Hold Back from Investment and Capacity Expansion: Finance Minister Sitharaman

Finance Minister Nirmala Sitharaman has urged Indian industries to accelerate their investments and focus on capacity expansion, emphasising that the current economic environment is conducive to growth and global competitiveness. Speaking at an event organised by the Indian Foundation, Sitharaman highlighted the need for businesses to align with the government’s vision of a developed India by 2047 and contribute actively to the nation’s industrial progress.

 

The minister called on industry leaders to partner with the government in skill development initiatives for the youth and to engage with policymakers throughout the year, not just during the budget season. “The government is constantly moving forward in line with the expectations of the industrial sector. We have created policies to boost the ease of doing business, enhance profitability, and attract greater foreign direct investment (FDI),” she said.

 

Focus on Quality and Strategic Intervention

Addressing a gathering at the Indian Institute of Quality Management (IFQMS), Sitharaman stressed that the journey towards a developed India will be guided by a focus on quality management. She emphasised the need to identify manufacturing and service sectors that require targeted interventions and support. “We must scale up production, enhance efficiency, and diversify operations — there should be no hesitation in doing so,” she noted.

 

Sitharaman further mentioned that the government is opening new avenues for FDI and launching several initiatives to strengthen the investment ecosystem. These measures are designed to make India a more attractive destination for global investors and to support domestic industries in scaling their operations.

 

Government-Industry Collaboration Key to Future Growth

The finance minister reiterated the government’s commitment to fostering industry-government collaboration, particularly in workforce development. “We want industries to work closely with us in upskilling and reskilling India’s youth, which is critical for meeting the evolving demands of a modern economy,” she said.

 

Highlighting Prime Minister Narendra Modi’s reforms agenda, Sitharaman assured the business community that there would be no regulatory hurdles in pursuing expansion and innovation. “I am confident that the industry will continue to invest, expand capacity, and increase production within India. This is the time to scale up and seize new opportunities,” she added.

 

The finance minister concluded by inviting continuous feedback from industry stakeholders, stating that the government is ready to listen and respond proactively to their needs in shaping the future of India’s industrial landscape.