India’s manufacturing sector is set to touch the trillion dollar mark by 2025 according to India Brand Equity Foundation, thanks to the government’s focus on developing industrial corridors. The FDI equity for the country’s manufacturing industry also went up by 76 per cent during 2021-2022, as compared to the previous year. This explains why Finance Minister Nirmala Sitharaman questioned India Inc’s reluctance to invest in the country’s manufacturing sector, which grew at a rate of 40% year-on-year in FY22.
Drawing comparisons to the mythological figure Hanuman, Sitharaman asked if it was a lack of self belief which was preventing the Indian formal sector from investing in the country. The Finance Minister questioned if India Inc was unaware of its own capacity and strength like Hanuman. Speaking at the Mindmine Summit, she added that global corporations now believe in India and are looking to move their manufacturing operations from China to India.
According to the minister India’s PLI scheme rolled out last year, with a Rs 2 lakh crore layout for 14 sectors, is attracting foreign investors. Sitharaman said that the government’s push to reduce imports and increase domestic manufacturing, created demand for sectors including toys and electronic components.
“Are you Hanuman? What are you waiting for? Some external force?”
FM @nsitharaman berating corporate execs for not investing in India.
The economy is not like the BJP worker or media or industrialists to be bullied into obeying orders.
It has a mind of its own!#NoBullynomics pic.twitter.com/ojefOnuLeS
— Praveen Chakravarty (@pravchak) September 14, 2022
The statement was criticised by Congress leader Praveen Chakravarty, who tweeted saying that India Inc can’t be bullied into obeying by the government.