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LATEST NEWS UPDATES | The FM’s call for industrial investment -K Bharat Kumar

The FM’s call for industrial investment -K Bharat Kumar

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published Published on Oct 26, 2022   modified Modified on Oct 28, 2022

-The Hindu

Why did the Union Finance Minister urge industry giants to invest in manufacturing? Is private sector financing at an all-time low? Has government intervention to boost and spend aggressively on infrastructure come at an opportune time?

The story so far: Last month, Finance Minister Nirmala Sitharaman asked captains of industry what was holding them back from investing in manufacturing. She likened industry to Lord Hanuman from the Ramayana by stating that industry did not realise its own strength and that it should forge ahead with confidence. She said, “This is the time for India… We cannot miss the bus”.

Why did she urge them thus?

Clearly, the Finance Minister did not see investments happening at a pace she would have liked. In the hope of revitalising private investment, the government had in September 2019 cut the tax rate for domestic companies from 30% to 22% if they stopped availing of any other tax SOP (standard operating procedure).

Niranjan Rajadhyaksha, CEO of Artha Global, says that Indian private sector investment has been weak for almost a decade now. “If we look at drivers of economic growth right now, there are amber lights flashing. The export story will be under threat because of the global slowdown, the government’s ability to support domestic demand would also be limited as the fiscal deficit comes down. Because of the K-shaped recovery, private consumption is only concentrated in some parts of the income pyramid.”

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The Hindu, 26 October, 2022, https://www.thehindu.com/business/Industry/explained-the-fms-call-for-industrial-investment/article66058356.ece?homepage=true


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