FM Sitharaman bats for a bigger manufacturing play, looks to increase country’s share in global value chains
Nirmala Sitharaman called for a ramp-up in domestic manufacturing to make India self-reliant and boost the country’s participation in global value chains, dismissing suggestions that the government should focus only on services.
The government would like to partner India Inc in the country’s development, she said at the Confederation of Indian Industry (CII) annual business summit in the Capital on Friday. “We see a very big role for private sector and would like to partner with them for (the) development (of India), with the government acting as a facilitator and enabler,” Sitharaman said.
She exuded confidence that PM Narendra Modi would come back to power after the general elections with a substantial majority. Elections end on June 1 with counting on June 4. “Soon after government is formed, we look forward to a more pointed engagement with CII to see what best can be done in the July budget, which will be the full year's budget,” she said. “A lot of consultation can begin with CII team as well.”
Growth Story ‘compelling'
Calling India’s growth story “compelling,” the finance minister said that the country will continue to be the fastest-growing economy for the next few years.
India’s economy expanded 7.6% in FY24 and the International Monetary Fund (IMF) has projected 6.8% growth in FY25. Sitharaman said that the fundamental basis for this consistent, steady and high growth is the absence of flip-flops, corruption-free decision-making, and a stakeholder approach while framing rules and laws.
She said India
