New Delhi: Finance Minister Nirmala Sitharaman said that the industry needs to think out of the box to attract investment. Also, the need of the hour is to partner with startup companies to harness their technology solutions in product development. In a discussion organized by the Confederation of Indian Industry (CII) on Tuesday, the Finance Minister said that it is necessary to give out-of-the-box opinions to the giants of the Indian industry regarding the necessary steps to attract investment. She said I see startups and their solutions growing at a rapid pace. Actually, this solution is for you guys. But, for this, you have to be as fast as them. If this does not happen then they are going to look for new industries or business activities.
Finance Minister has said, working together with startups is going to open up new opportunities. The Production Linked Incentive (PLI) scheme for new emerging areas is also going to be a great initiative. But, I also think that what is different from PLI, which can also give you an edge.
On the demand of reducing the rate of GST on cement from 28 percent, Sitharaman said that it can also be considered. If necessary, it is going to be sent to the Rate Fixation Committee of the GST Council for consideration.
CII President Sanjeev Bajaj said that the balance between fiscal and economic growth rates in the budget is also being called commendable. This is also important because the balance sheet is based on conservative growth and revenue projections. He has said that the ease of doing business is going to increase with various provisions in the budget including use of PAN as a common business identifier, establishment of DigiLocker and second edition of Vivad Se Vishwas scheme.
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