Sitharaman calls for proactive govt-industry alliances

Finance Minister Nirmala Sitharaman on Friday asked industry to leverage opportunities at national and global level through government-industry partnerships as the country gears up to realise the goal of emerging as a developed country by 2047, drawing attention to India’s policy stability, corruption free decision making, facilitative government policies and robust legal framework work which in consonance make India an attractive destination for business.

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“There is a big role for the private sector for making this happen and the government would be a facilitator and enabler in the process,” Sitharaman said speaking on “co-creating the future responsibly: role of business’, at the annual business summit 2024 of the Confederation of Indian Industry (CII).

Articulating the vision for new India, the Finance Minister outlined four key opportunities for growth in India which extends to all segments of the economy. The first, she highlighted, was the compelling India growth story which is expected to contribute significantly to global growth, as recognised and affirmed by global agencies such as the IMF and S&P. The large consumer market which is expected to double by 2031, a rise in consumption spending and a secular rise in spending on financial services are the other triggers which would ensure that the country would continue to remain the fastest growing economy in the future, Sitharaman said.