Govt Delivered On EODB & Tax Reforms, Now Industry's Turn To Invest: FM

(MENAFN- KNN India) New Delhi, Sep 18 (KNN) The government stated that it has implemented key reforms and created an enabling environment for growth, urging Indian industry to scale up investments, expand production, and actively contribute to workforce skilling.

Finance Minister Nirmala Sitharaman, addressing the IFQM Symposium on Thursday, emphasised that measures on ease of doing business, tax rationalisation, foreign direct investment, and policy stability have addressed industry concerns.

“Today I have a basket of things on which the government has delivered... I hope there is no more hesitation for the industry to invest further, to expand capacities, produce more in India, and what else is required by the government to do, spell them out,” she said, as quoted by news agency PTI.

She also urged companies to engage more closely with the government beyond the pre-Budget period, highlighting the importance of collaboration in strengthening supply chains and preparing the youth for future opportunities.

Tata Sons Chairman N. Chandrasekaran described the scope created by government initiatives as 'enormous' across both domestic and international markets.

He expressed confidence that larger corporations, MSMEs, and entrepreneurs would step up investments, particularly as global supply chains seek resilience and diversification.

Sitharaman underlined the role of micro, small, and medium enterprises, describing them as the backbone of India's economy.

She said the Small Industries Development Bank of India has been instructed to maintain a physical presence in MSME hubs despite the rapid growth of digital banking.

She also pointed out that about Rs 3.6 trillion has been extended to 22 states over the past four years through a 50-year interest-free loan scheme, which she said has enabled states to record over 10 per cent growth in their own capital expenditure.

Highlighting infrastructure progress over the past 11 years, she said India has added 88 operational airports, laid 31,000 km of new railway tracks, quadrupled the size of Metro networks, doubled port capacity, and expanded national highways by 60 per cent.

At a separate interaction in Visakhapatnam on GST reforms, the finance minister said rationalisation of tax rates has put at least Rs 2 trillion back into the economy, leaving households with more disposable income.

She noted that nearly 99 per cent of items formerly taxed at 12 per cent are now in the 5 per cent slab, while about 90 per cent of goods once in the 28 per cent bracket have been shifted to 18 per cent.

According to her, GST revenues rose to Rs 22.08 trillion in 2025 from the levels at the time of its introduction, with the taxpayer base expanding to 15.1 million from 6.5 million.

(KNN Bureau)

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