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Press Release

Through sharing of inputs and ideas by industry, we can have a responsive policy: Nirmala Sitharaman

Feb 02, 2023

Industry should be prime mover as regards the latest frontiers in RE, rare earth materials

NEW DELHI, 02 February 2023: Ms Nirmala Sitharaman, Minister of Finance and Corporate Affairs, Govt of India today said that the industry should highlight its potential and share them with the government on a regular basis which will facilitate the policy intervention by the government. "I would want the industry to be the prime mover as regards the latest frontiers in renewable energy, rare earth materials, conversion of all these towards usable technologies" she added.

Addressing the 'Post Budget Interaction with FICCI Members', Ms Sitharaman while highlighting the importance of Indian industry said, "Industry is the one which I would put upfront in any policy making." She further stated that it is only through more sharing of inputs and ideas by the industry that we can have a responsive policy being made for India to move forward.

Speaking on the payments to the MSMEs, the Finance Minister urged the industry to facilitate the payments to the MSMEs within the contract period.

She further urged FICCI to proactively look at the stage of development that we are in and also the Amritkaal blueprint that the government has given during this Budget as well as in the Prime Minister's speech from the ramparts of the Red Fort. "FICCI should identify the opportunities and challenges over and above what the government has identified as it would be a very valuable input for the next 25 years policy which should be consistent and policy certainty," she added.

Mr Subhrakant Panda, President, FICCI said, "We wholeheartedly agree with the Hon'ble PM's assertion that this year's budget infuses new energy into India's development trajectory. At FICCI, we are committed to working with the government and stakeholders to help realize India's potential."

Mr Panda further added that there is a green theme running through the budget which is very relevant given that India has to be a part of any concerted attempt to look at sustainability from a longer point of view.

Mr Harsha Vardhan Agarwal, Vice President, FICCI said, "I compliment the Finance Minister for laying down a budget that will rejuvenate growth drivers of economy, give a push to production capacities, improve infrastructure, reduce cost-inefficiencies, boost exports and generate employment in the country."

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