FM Sitharaman urges industry to bring chip manufacturing to India

Finance Minister Nirmala Sitharaman on Thursday said the industry needs to bring chip manufacturing to India in the wake of the global semiconductor shortage that hit manufacturing across the world. Addressing the CII Annual Meeting 2021, FM Sitharaman noted that the industry needs to focus on the AatmaNirbhar Bharat scheme for its energy needs.

She added that it is time for India Inc to show its risk-taking abilities. FM Sitharaman further stated that the corporate tax has been reduced and the faceless systems are in place. She added that the industry "needs to take the bull by horns and the stock market is showing you the way."

The finance minister stated that the Indian economy's buoyancy is now visible while affirming the government's focus on economic recovery.

FM Sitharaman noted that the GST compensation will be paid to all states in time. She added that the government's commitment to reforms is going to continue with tangible steps being taken through parliament. The finance minister further stated that the Centre and RBI are working as partners in addressing the needs of the economy, working to push growth.

FM Sitharaman noted that inflation is largely within the central bank's tolerance limit in the last couple of years and that it will take all necessary steps to contain the same.

She added that the FDI inflow in India was up 37% in the first five months of the current financial year versus last year.