Finance Minister Nirmala Sitharaman Tuesday asked India Inc to shed hesitation and being investing to drive the country's economic growth and said the government had done "what little it could do" but was not closing the doors on doing more to boost the economy. "I strongly believe that industry today has to come out of that hesitation which you have rightly held in your mind. I think it is time now to come out of that hesitation, "Sitharaman speaking at a confederation of Indian Industry (CCI) event.
Sitharaman in the budget proposed a new tax regime for individuals, abolished divided tax for companies and announced record spending in agriculture and infrastructure sectors to pull the economy out of its worst slowdown in over a decade. The budget has drawn mixed responses from the industry, with a section of industry leaders saying "big bold" reforms needed to kickstart economic growth were missing while others saying she had little room to manoeuvre. "We have done whatever little we can, we are not closing the doors we are willing to do much more but we want to be a meaningful intervention from the government could not spend its way to achieving desired levels on growth and called on industry to act as the engine of the economy.She said that "I don't think in today's condition it can be just government spending which can pull economy towards growth". The finance minister said the government was there to facilitate the industry. The minister said that "we will be spending a lot of time looking at the implementation of the budget".
Sitharaman in the budget proposed a new tax regime for individuals, abolished divided tax for companies and announced record spending in agriculture and infrastructure sectors to pull the economy out of its worst slowdown in over a decade. The budget has drawn mixed responses from the industry, with a section of industry leaders saying "big bold" reforms needed to kickstart economic growth were missing while others saying she had little room to manoeuvre. "We have done whatever little we can, we are not closing the doors we are willing to do much more but we want to be a meaningful intervention from the government could not spend its way to achieving desired levels on growth and called on industry to act as the engine of the economy.She said that "I don't think in today's condition it can be just government spending which can pull economy towards growth". The finance minister said the government was there to facilitate the industry. The minister said that "we will be spending a lot of time looking at the implementation of the budget".
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