Finance Minister Nirmala Sitharaman has issued a statement regarding the Indian industry, in which she has told very important things. He appealed to the companies to strategize amid fears of a recession in the West, so that companies operating in developed countries can look at India as a production or procurement hub. The Finance Minister said in a program here on Friday that India has given a lot of facilities and changed the rules to attract foreign investment. Apart from this, we are also connecting with those industries who want to come to India.
best time to strategize
Sitharaman said, “You are setting yourself up for a recession in the western countries and the developed world. I think this is the best time for you to strategize to bring the manufacturers working there to India. Even though they have their headquarters there, it may be useful for them to buy a lot of things from here. At least produce from here for the markets of this part of the world. ”He said that the possible recession will also affect Europe. This will not only affect the exports of Indian companies. It gives an opportunity to bring many types of investments from there. Now they are looking for different places from where they can continue their activities.
Sitharaman asked the industry to look at the innovations of startups and think of ways to scale them up. The Finance Minister said that India will continue to focus on new areas of manufacturing and services. As the world shifts towards clean energy, the domestic industry may face higher tariffs from developed countries.
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India ready for next 25 years
He asked the industry to tell the government how climate change was affecting them. Along with this, they should also suggest measures to reduce the burden on their cost. The Finance Minister said that the industry should prepare itself for tariff walls being erected by some countries in the name of climate change. On the upcoming budget, he said it would be in line with the spirit of the last few budgets to prepare India for the next 25 years.
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