With Indian economy facing headwinds of slowdown, Finance Minister Nirmala Sitharaman said that the onus of improving the health of India’s growth engines does not merely lie on the shoulders of the government and the industry sector must be an equal party to it by making investments. “…the approach has been we shall spend on asset creation and it is the cascading effect of this spend which is going to help the industry. So, we expect you to be equally the engine to pull the economy forward,” she said at an event held by CII on Tuesday, The Indian Express reported. She also urged the leaders of India Inc to come out of their hesitation and self-doubt.
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Stating that the government has done whatever little it could do to spur growth, FM Sitharaman said that the government is ready to do even more and is not closing its doors, the newspaper reported. “It is now time for all of us to pull our weight along, make sure that the economy has support of each one of us, where each one will have to become the engine for pulling this economy up. After all, the spirit of enterprise is yours, we are here to facilitate,” she said.
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Meanwhile, the finance minister also emphasised on the government’s need to spend with prudence and she said that it won’t resort to fiscal profligacy to create productive assets. The government is facing pressure to reverse India’s decelerating growth momentum and at another event, FM said that the government is putting money where there is a need to create assets, she said at a FICCI event earlier.
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