Sitharaman calls for proactive govt-industry alliances

Finance Minister Nirmala Sitharaman, during her address at the annual business summit 2024 of the Confederation of Indian Industry (CII), urged industry leaders to capitalize on national and global opportunities through collaborative efforts between the government and industry. She emphasized India’s commitment to becoming a developed nation by 2047, highlighting the stability of its policies, corruption-free decision-making processes, facilitative government policies, and robust legal framework, making it an attractive business destination. Sitharaman affirmed the private sector’s pivotal role in achieving this goal, with the government serving as a facilitator and enabler in the process.

Articulating her vision for a new India, the Finance Minister identified four key opportunities for growth across all sectors of the economy. Firstly, she emphasized India’s compelling growth story, projected to significantly contribute to global economic growth, as acknowledged by international bodies such as the IMF and S&P. Sitharaman also noted the country’s expanding consumer market, expected to double by 2031, along with increasing spending on financial services, ensuring sustained economic growth.

Furthermore, Sitharaman highlighted India’s transition towards green energy and a sustainable future as catalysts for new markets and increased demand. She underscored the government’s focus on initiatives such as promoting solar energy, green hydrogen, and green ammonia, which would not only create job opportunities but also align with global sustainability goals.

Addressing the need for enhanced manufacturing competitiveness, Sitharaman emphasized the government’s commitment to supporting India’s integration into the global value chain through conducive policies. She noted India’s attractiveness as an investment destination, particularly in light of the “China plus one” strategy adopted by global investors to diversify their operations.

Additionally, Sitharaman acknowledged the industry-government partnership in addressing various issues, including tax reforms, GST compliance, and fostering a capital expenditure-led growth strategy. CII President R. Dinesh commended the Finance Minister for her efforts in controlling fiscal deficits while supporting economic growth.

The ceremony also honored KV Kamath, former Chairman of ICICI and Chairman of the National Bank for Financing Infrastructure and Development, with the CII President’s Award for his significant contributions to the industry and society.