Finance Minister Nirmala Sitharaman on Monday asked the private sector to join ‘Team India’ and step up their investments in line with the government’s capex push and help the country retain the tag of the world’s fastest growing major economy in the years to come.
Asserting that the government’s capital expenditure (capex) will rise 35 per cent to Rs 7.5 lakh crore next fiscal, she hoped that the emphasis on public investment in infrastructure will result in crowding-in of private investments.
“I would think this is the opportune time for private investments to come in, expand your capacities, build new capacities, corporate tax reduced much before the pandemic … I would appeal to you do not let this opportunity go away,” Sitharaman said at a PHD Chamber post-Budget event here.
The government has estimated that the Indian economy will expand 9.2 per cent in the current fiscal. For the next fiscal, the finance ministry’s Economic Survey has pegged the growth at 8-8.5 per cent.
Several agencies have projected India being the fastest growing major economy in the world in the current fiscal and the next. While International Monetary Fund (IMF) has projected India growing at 9 per cent both in the current fiscal and FY23, the World Bank has estimated the growth in these two fiscals at 8.3 per cent and 8.7 per cent, respectively.
Sitharaman asked the industry leaders to do their “maximum best” and join ‘Team India’ and ensure that the country is indeed the fastest growing economy this year, next year and for several years thereafter.
“If India shall be the fastest growing economy among the large economies, I’m sure that would also be because you have come forward, I’m sure its also going to be because India as a team — government and private — will have to work together… It just cannot be just the government doing,” Sitharaman said.