In the wake of the worldwide semiconductor scarcity that has impacted manufacturing throughout the world, Finance Minister Nirmala Sitharaman said on Thursday that the sector needs to bring chip production to India. FM Sitharaman, speaking at the CII Annual Meeting 2021, said that the sector should focus on the AatmaNirbhar Bharat plan for its energy demands.
She went on to say that it is time for India Inc to demonstrate its risk-taking ability. The business tax has been lowered and faceless mechanisms have been implemented, according to FM Sitharaman. She added that the industry ‘needs to take the bull by horns and the stock market is showing you the way.’
The buoyancy of the Indian economy is now apparent, as per the FM, who also reiterated the government’s focus on economic recovery.
The GST compensation would be provided to all states on schedule and the government’s commitment to change will continue, with concrete actions being made in parliament. The Minister noted that the government and the Reserve Bank of India are working together to meet the economy’s requirements and promote growth.
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‘Inflation has been generally within the central bank’s tolerance level in recent years,’ she said, adding the central bank would take all necessary efforts to keep it that way.
She also stated that FDI inflows into India increased by 37% in the first five months of this fiscal year compared to the same period last year.
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