New Delhi: Finance Minister Nirmala Sitharaman urged the private sector to invest more in India, capitalising on the opportunities created by the government's high capital spending.
"The strategy has two goals," Sitharaman said, referring to the Union Budget 2022-23's focus on increasing capital expenditure. "One is to support the economic revival and recovery as we build the infrastructure of the twenty-first century for a modern India, and the other is to benefit from the multiplier effect and crowd in private investments."
She urged the private sector to invest and support the virtuous cycle of prosperity, claiming that investment possibilities abound. The benefit of a lower corporate tax rate for new manufacturing units has been extended by the government for another year, until March 2024. Many emerging industries, such as vaccines, genomics, space, and atomic energy, have seen India take the lead. India has demonstrated its prowess in digital adoption, and start-ups are a catalyst for innovation and new ideas.
"The corporate sector should not miss out on this chance for better growth," Sitharaman said at the CII's post-budget discussion.
She addressed the topic of rural suffering by saying that it was being addressed in a number of different ways. Rentals of tractors and other farm equipment, as well as credit, have been made available as part of the budget. Despite rising global prices, the government has guaranteed that nutrients and fertilisers are available at affordable pricing.
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