Finance Minister Nirmala Sitharaman on Thursday urged industries to increase investment in India and increase production capacity. Saying that the right time has now come, he said that the government has taken important steps, including tax reform, business facilitating and direct foreign investment (FDI). Speaking at an event organized by the Indian Foundation for Quality Management, he urged the private sector to partner with the government to create the private sector for the job.

Sitharaman said that the government has fulfilled its promises on many fronts. The industry is always waiting for the demand to increase, but this demand is frequently delayed due to global challenges. He urged the industries to be in touch with the government not only before the budget but also the year.

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Major changes in GST and tax exemptions

On September 7, the government announced major changes to the GST structure. This is the biggest improvement of the latter. There will now be two main GST rates instead of four. These changes will be applicable from September 7. In addition, the personal income tax limit was increased in the budget of the 5 presented in February. This was done to increase the use and demand of the country.

The finance ministers urged industries to help the youth improve their skills. Tata Sons President N. Responding to Chandrasekhar’s question, he said that many companies complain that it takes six to eight months to prepare new employees for a job. Industries should work with the government to eliminate this shortcomings.

Private investment slowed down, government costs increased

Sitharaman said that the private sector investment is far behind the government capital expenditure. The government capital expenditure for April-July 2 was 5.5% of the budget estimates, which is more than 5.5% of last year. At an event in July, he said that companies have strong balance sheets, but they are sitting on inactive funds and do not use them for expansion.

The Finance Minister also underlined the importance of micro, small and medium enterprises (MSME). He said that MSME contributes significantly to the country’s GDP. The government has directed the Indian Small Business Development Bank (SIDBI) to increase their presence in MSME Clusters. He explained that even in the age of digital banking, Sidby has been encouraged to maintain physical presence in each cluster.

Sitharaman urged industries to help you develop good coaches for the youth, which will help to increase their skills and eliminate the lack of manpower in the industries.

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