Nirmala Sitharaman said - indian companies like Hanuman, have no idea of their strength
The Finance minister said in a program on tuesday that the government is willing to work closely with the industry and will also solve all kinds of problems. He told the domestic companies that they believe in your ability. You are Hanuman, who will tell? This is not the job of the government. You do not believe in your strength.
Finance minister Nirmala Sitharaman compared the industry with Hanuman and also targeted him. He asked the domestic companies that when foreign investors have faith in india, why is the corporate world backing away from investing in manufacturing? After all, what is the reason that is stopping them from investing?
He told the domestic companies that they believe in your ability. You are Hanuman, who will tell? This is not the job of the government. You do not believe in your strength. The Finance minister said in a program on tuesday that the government is willing to work closely with the industry and will also solve all kinds of problems. On these lines, the government has also started a production-linked incentive scheme. Along with this, by cutting tax rates, domestic industries have also been encouraged to invest in the manufacturing sector.
The Finance minister said that any policy cannot be an end in itself. It keeps on evolving as we progress. I would like to know from the indian industry why they are hesitant to invest. We will do everything to bring industries here and invest. But you have to tell what is stopping you.
Nirmala Sitharaman said that foreign companies and countries feel that india is now a better place and this is also visible in FDI and FPI investment. At the same time, the investors in the stock market are also showing confidence. Giving the name of Hanuman, he said that you believe in your ability. However, who will tell that you are Hanuman? This is not the job of the government. You don't believe in your strength.
Sitharaman said that after the reserve bank of india (RBI) recently announced the mode of trading in rupee, many countries are willing to do bilateral trade with india in rupee. He said that it is not the ruble and the rupee which was in the old format. RBI has brought this method at such a time, which is very important.
Chief Economic Adviser (CEA) V. Ananth Nageswaran said that india is making no effort to save the rupee's fall. I don't think indian fundamentals are such that we need to protect the rupee. Rupee can take care of itself. The RBI is taking necessary steps to ensure that the management of the rupee is in line with the fundamentals of the economy.
Nageswaran said the RBI is ensuring that whatever direction the rupee is moving in line with the market trends, it is gradual and does not burden the importers or exporters. The rupee had hit an all-time low of 80.15 against the dollar in August, which is currently at 79.25.
On the sharp fall in forex reserves, he said global risk aversion is preventing capital from coming in here. Certainly, this is affecting the foreign exchange reserves. Foreign exchange reserves fell to $554 billion on september 2, the lowest since 2020.
Nageswaran said India's economy may be able to grow at 7 percent annually in this decade. Investment spending is increasing and the wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital economy is also gaining momentum. In April-June, it had seen an increase of 13.5 percent. He said that even though the trend of international agencies is showing a growth of 6 percent, we believe that it will be at the rate of 7 percent.
Rating agency moody's said on tuesday that inflation and supply disruptions are the biggest risks for emerging Asian countries in the next 12-18 months. These countries include india, Indonesia, Malaysia, the Philippines, China, Thailand, and Vietnam. In a survey, it said that apart from these two risks, rising interest rates and slow growth rates in the economy are also risks.
