Sitharaman says India will do everything for industries to come & invest

Finance Minister Nirmala Sitharaman has said that government will do everything for the industry to come and invest in India. Speaking at the 15th edition of the Mindmine Summit in New Delhi on Tuesday,  Mrs. Sitharaman said, a lot of companies are looking to move their manufacturing operations out of China and want to come to India as they find policies are more attractive.She said, Foreign Direct Investment and Foreign portfolio investment are coming and countries abroad think that India is the right place for investment. Commenting on the overall investment environment, Sitharaman said companies who are moving out of China and looking to relocate to India were doing so because they find the Indian policy ecosystem a lot more attractive and facilitative for such a move.The finance minister also called on industry leaders to ensure timely payment to Micro, Small, and Medium Enterprises, something which the government had acted on itself.

For FY23 as a whole, the Centre has targeted a capital expenditure of Rs 7.5 lakh crore, which includes a Rs 1 lakh crore interest-free loan to states for 50 years. However, the private capex cycle continues to prove elusive. According to CMIE, capex on new projects nearly halved to Rs 4.28 lakh crore in April-June from Rs 8.18 lakh crore in January-March. Data released last month showed the Centre has spent Rs 2.09 lakh crore as capital expenditure in April-July, more than 60 percent higher compared to the first four months of FY22.