New Delhi, Dec 16, 2022: Finance and Corporate Affairs Minister of India, Nirmala Sitharaman, delivered a keynote address at the FICCI’S 95th Annual Convention and AGM. The theme of the convention was “India@100: Amrit Kaal, Sustainable & Inclusive”.
Heaping praises on the work done by FICCI, FM Sitharaman said, “The collective work you do as FICCI in providing guidance and also inputs for various administrations, the campaigns that you conduct all over the world..helps create the right ecosystem for investments.”
In her inspiring address to industrialists and business leaders she urged Indian industry to churn out strategies as to how businesses that are operating in developed countries can look at India as a production or sourcing hub amid recession fears in the western countries.
“As much you are preparing yourself for a long-drawn recession in the Western world, in the Developed world, I think it is also the best time for you to work out strategies for drawing those manufacturers from there to India,” she stated.
Nirmala Sitharaman stated that the suspected long-drawn recession, which is expected to affect Europe, is not just going to have an effect on exports by Indian businesses. “It gives an opportunity for many of the investments which are there, which are now looking for a different place from where activities can continue to happen,” Sitharaman noted.
Urging the industry to look into innovations and find ways to scale them, she said that India will continue to focus on manufacturing and newer areas of service. As the world transitions into clean energy, the domestic industry could be at the receiving end of higher tariffs by the developed countries, Sitharaman noted.
Speaking on the upcoming budget, FM Sitharaman said: “Next budget will follow the spirit of the previous budget, we will scale it up and take it for the next 25 years.”
Mr. Sanjiv Mehta, FICCI president, presented FM Sitharaman with the FICCI-McKinsey India whitewater report.
Mr Shubhrakant Panda President Elect FICCI elaborately commented on FM address and assured to amplify the government initiatives for taking India on growth path .
