Economy

‘Will support industry in quick time’

Chennai | Updated on September 13, 2021

Nirmala Sitharaman, Finance Minister, with TV Narendran, President, CII; CK Ranganathan, President, CII- Southern Region; and Chandrajit Banerjee, Director General, CII, at an interaction with industry representatives in Chennai on Monday   -  Bijoy Ghosh

At a meeting with industry players, FinMin says Centre will not wait for budget to announce support measures

The disinvestment plan is on track, and liquidity crunch is no longer a major concern, said Union Finance Minister Nirmala Sitharaman while addressing a galaxy of industrialists in Chennai on Monday.

She was happy that nobody could raise any issue relating to liquidity this time as government measures have helped address that concern, and there was a low and stable interest regime prevailing.

In a closed-door meeting with CII members, the minister said that the Bank-NBFC-MFI channel has been de-clogged from October 15, and there would be a special drive to reach out credit to those who need it.

It is gathered that industry captains mentioned various issues, including tax-related; factors that were hindering export competitiveness and also sought more support from the government to take advantage of the China+1 strategy of global companies. Some of the exporters sought restoration of higher incentives and relief measures. Representatives from healthcare sector sought a PLI scheme from the FM.

‘Immediate support’

Sitharaman was reported to have assured all possible support to the industries in quick time as the Centre would not wait for the Budget to announce any support measures. “All possible measures would be done immediately,” she said. The Development Finance Institution announced in the budget would be operational soon, she added.

Emphasising the trust that the government reposes in the industry, the Minister said that this trust is important to leverage the opportunities thrown up by the pandemic and can take India one generation ahead. This trust is also reflected in the Government’s actions.

Welcoming continuous feedback and inputs from industry, the Finance Minister said that the ongoing dialogue with industry has enabled the government to take a series of actions, as the pandemic situation evolved.

Elaborating on the Government’s strategy for handling the pandemic, Sitharaman, said that on one hand the focus is on ramping up vaccination as that was the big protection against the Covid infection. On the other hand, the government is working on ramping up health infrastructure, including in the tier-2 and -3 cities, by supporting the private sector, she said.

Industry captains from leading corporate houses like Hinduja Group, Murugappa, TVS, Rane, CavinKare, Daimler India Commercial Vehicle, Apollo Hospitals, 3M India, Saint Gobain India, Tractors and Farm Equipment and Chettinad Group, participated in the meeting.

In a meeting with members of FICCI, the minister said the economy was doing well.

There was no negative feedback in the meeting, which was attended by members from various sectors, including cement, leather, chemicals and healthcare.

Published on September 13, 2021

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