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AHMEDABAD: Union finance minister Nirmala Sitharaman on Saturday mentioned the Centre has tailor-made policies to make India a beautiful vacation spot for manufacturing and providers, and the aim was to produce not only for the home market however for exports as properly. She was responding to a question on American tech billionaire Elon Musk suspending his assembly with Prime Minister Narendra Modi.
“Policies have been made to attract investments. We want manufacturers and investors to come and produce not just for India but also for exports. We will try to attract manufacturers and investors through policies,” she advised reporters.
Tesla CEO Musk on Saturday mentioned his go to to India has been delayed due to the corporate’s heavy obligations.
“When big companies show interest to come to India, we will do everything to make it attractive for them to come and invest. In that process, if there is anything to discuss, we will certainly discuss. But whatever we have done, we have done it through policy,” Sitharaman added.
Asserting the Union authorities’s method has helped particularly after China plus one began being a priority for a lot of business specialists, she mentioned policies have been tailor-made in such a means in order to make India a beautiful vacation spot for manufacturing and for providers.
Speaking about inflation, she mentioned it by no means crossed the tolerance band, aside from one month, underneath the Narendra Modi authorities, whereas earlier than that (pre-2014) the economic system was in a foul form and inflation was in double digits. “At that time (pre 2014) nobody had any expectations from the country. After much hard work, we have emerged as the world’s fifth largest economy and are confidently saying we will be third in the next two to two-and-half years,” the Union minister mentioned.
On employment, Sitharaman mentioned there was lack of full information from each the formal and casual sectors, however asserted initiatives of the Centre have ensured jobs to lakhs. “The data is inadequate. I am not saying this pride but while accepting its weakness. All I can say regarding employment is that the money given to people and startups through different schemes…people in crores have availed support. Between October 2022 and November 2023, through the Rozgar Mela, Modi has given government jobs to 10 lakh people,” she mentioned.
When requested in regards to the rule that requires bigger corporations to pay Micro, Small and Medium Enterprises (MSMEs) inside 45 days of receiving items or providers, Sitharaman mentioned the regulation has been existence since 2007-08 and isn’t new. “Later MSMEs themselves came and said the 45-day payment is not happening within that financial year. But within that financial year, this amount is shown as expenditure and to that extent tax is not being paid. All that we have done through the Finance Act that was passed in Parliament on February 1, 2023,” she mentioned. “We just said tax treatment remains the same. Make a claim in the year you pay to the MSMEs. How can you claim when you have not made payment?” she requested.
Queried in regards to the Indian rupee weakening towards the US greenback, she mentioned the fluctuation was due to international uncertainty, wars in addition to uncertainty in provide of crude oil from the Middle East.
Earlier, addressing business leaders from Gujarat on ‘Viksit Bharat -2047’, she mentioned 28 per cent of complete capital underneath Production Linked Incentive (PLI) scheme has come to the state, which has proven exceptional alertness within the final 10-12 years. So semiconductor manufacturing for India comes first in Gujarat, which has a coverage in addition to authorities and ecosystem prepared for manufacturing for Viksit Bharat 2047, she mentioned.
“The IFSC at GIFT City in Gandhinagar is a big gateway for services to grow in Gujarat. A world-class financial services centre very close to Ahmedabad is just the key for India to reach that kind of global market for attracting more investment and more financial operations,” Sitharaman mentioned. She additionally mentioned Gujarat was at third place in attracting FDI in manufacturing.
“Policies have been made to attract investments. We want manufacturers and investors to come and produce not just for India but also for exports. We will try to attract manufacturers and investors through policies,” she advised reporters.
Tesla CEO Musk on Saturday mentioned his go to to India has been delayed due to the corporate’s heavy obligations.
“When big companies show interest to come to India, we will do everything to make it attractive for them to come and invest. In that process, if there is anything to discuss, we will certainly discuss. But whatever we have done, we have done it through policy,” Sitharaman added.
Asserting the Union authorities’s method has helped particularly after China plus one began being a priority for a lot of business specialists, she mentioned policies have been tailor-made in such a means in order to make India a beautiful vacation spot for manufacturing and for providers.
Speaking about inflation, she mentioned it by no means crossed the tolerance band, aside from one month, underneath the Narendra Modi authorities, whereas earlier than that (pre-2014) the economic system was in a foul form and inflation was in double digits. “At that time (pre 2014) nobody had any expectations from the country. After much hard work, we have emerged as the world’s fifth largest economy and are confidently saying we will be third in the next two to two-and-half years,” the Union minister mentioned.
On employment, Sitharaman mentioned there was lack of full information from each the formal and casual sectors, however asserted initiatives of the Centre have ensured jobs to lakhs. “The data is inadequate. I am not saying this pride but while accepting its weakness. All I can say regarding employment is that the money given to people and startups through different schemes…people in crores have availed support. Between October 2022 and November 2023, through the Rozgar Mela, Modi has given government jobs to 10 lakh people,” she mentioned.
When requested in regards to the rule that requires bigger corporations to pay Micro, Small and Medium Enterprises (MSMEs) inside 45 days of receiving items or providers, Sitharaman mentioned the regulation has been existence since 2007-08 and isn’t new. “Later MSMEs themselves came and said the 45-day payment is not happening within that financial year. But within that financial year, this amount is shown as expenditure and to that extent tax is not being paid. All that we have done through the Finance Act that was passed in Parliament on February 1, 2023,” she mentioned. “We just said tax treatment remains the same. Make a claim in the year you pay to the MSMEs. How can you claim when you have not made payment?” she requested.
Queried in regards to the Indian rupee weakening towards the US greenback, she mentioned the fluctuation was due to international uncertainty, wars in addition to uncertainty in provide of crude oil from the Middle East.
Earlier, addressing business leaders from Gujarat on ‘Viksit Bharat -2047’, she mentioned 28 per cent of complete capital underneath Production Linked Incentive (PLI) scheme has come to the state, which has proven exceptional alertness within the final 10-12 years. So semiconductor manufacturing for India comes first in Gujarat, which has a coverage in addition to authorities and ecosystem prepared for manufacturing for Viksit Bharat 2047, she mentioned.
“The IFSC at GIFT City in Gandhinagar is a big gateway for services to grow in Gujarat. A world-class financial services centre very close to Ahmedabad is just the key for India to reach that kind of global market for attracting more investment and more financial operations,” Sitharaman mentioned. She additionally mentioned Gujarat was at third place in attracting FDI in manufacturing.
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