Finance Minister Nirmala Sitharaman on Friday said that she expects Indian manufacturing sector to adapt to industry 4.0 in full steam in next 12 months, taking it to a newer platform at the global stage.

“Industry 4.0 which was just a point of discussion just before Covid-19 struck us, you will find many of those industries standing up to say that we are already adopting technology, Artificial intelligence and big data are part of our systems,” Sitharaman said at the CII Partnership Summit 2020, held virtually for the first time due to the pandemic. Sitharaman was responding to a question on where does she see India and Indian industry in a year from now, when the next edition of Partnership Summit will take place in India.

She highlighted that Indian economy would have moved lots more on digitisation in a year from now and that the country would have its signature on anything to do with fintech globally.

“Anything to do with financial transactions and digital payments, India’s stamp would be there anywhere in the world”, she said.

She also said that core sector revival would be speedier than envisaged as both public and private sector are going to play a huge part in ramping up the infrastructure-building play over the next 12 months.

Economy rebound

Meanwhile, in a separate virtual session at Partnership Summit, Economic Affairs Secretary Tarun Bajaj expressed confidence that the economy will rebound and come on track in 2021-22.

The initial response to the productivity linked incentive (PLI) scheme has been good and the pace of reforms shown during the pandemic will continue in the coming days and in the upcoming Union Budget as well, he said.

Bajaj also said that government will take efforts next year to get Indian sovereign bonds to be included in certain global debt indices.

He also said that the Finance Ministry was working with judiciary to improve performance on enforceability of contracts.

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