The government on Thursday assured the automobile industry that it is ready to act on demands that are equitable and in line with public policy. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Anurag Jain said that the government has to look at the demands from all angles.
“Government is ready to listen. Please come to us and tell your problems…If your demands are equitable, trust me, we will move at equal pace with you,” Jain said here at the annual session of the Society of Indian Automobile Manufacturers. Earlier this week, Finance Minister Nirmala Sitharaman had sought to know from the industry what is holding it back from investing in manufacturing, even though foreign investors show confidence in India.
Drawing a parallel between India Inc and the mythological character, ‘Hanuman’, Sitharaman said the government is willing to engage with the industry and take policy action. Jain also said that the government and the industry have to work together to overcome the twin challenges of recession in the western world and the uncertain geo-political situation.
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“But there is an opportunity and a ray of hope. Because of this changing geo-political situation, because of the realigning supply chains, investment decisions are being made the world over…The next 12 to 24 months are going to be very very crucial for investments. “So that is the time we are trying to pitch in whatever government can do. But it’s the role of the industry which is more crucial to ensure that investment decisions are favorably made and investments flow into the country,” he added.
The secretary said that despite the pandemic, foreign direct investment in India is growing. “But is it sufficient for a country of our size, are we taking full opportunity of this re-alignment of supply chains? That is what we need to think, we need to get into a global partnership,” he said.
Talking about a bill to promote ease of doing business, Jain said the department has held stakeholders’ consultations on that, and hopefully “we will be able to bring the bill in the coming winter session” of Parliament.
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