According to Union Finance Minister Nirmala Sitharaman, as the economy is rapidly returning on track, corporate companies should increase their risk taking ability. He has asked companies to increase their business so that the efforts being made by the government to increase growth can be encouraged. He said these things at a function of CII (Confederation of Indian Industry) on Wednesday. The Union Finance Minister said that now the economy is recovering from the shocks of the Corona epidemic and the demand is improving. He has indicated that the corporate company which will increase its capacity, will be able to cash in on the demand seen around Diwali.
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Finance Minister assured of help to the industry
The Union Minister said that the sale of cars in this festive season would have also been higher, had there not been a problem of chip shortage. In such a situation, it would not be correct to say that the government is not serious about increasing the demand and is giving relief package only for the supply side. Sitharaman said that in about three weeks before Diwali, banks disbursed Rs 75,000 crore through outreach programs in four-five categories and the government on its part also reduced the compliance burden on companies to ensure adequate credit flow. The Union Finance Minister said that the government is sensitive about the demand of the industry.
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Demand to reduce dependence on imports
The Finance Minister said that companies should reduce their excessive dependence on imports, especially on essential commodities, whose supply was affected due to the Corona epidemic. He said that it is important to stay connected to the supply chain globally but the risks associated with it also have to be understood. The Union Finance Minister stressed that the new age industries and startups are going to play a very important role in the economy. Apart from this, the banking sector is also getting healthy, whose NPAs are decreasing rapidly and recovery is accelerating. He said in the CII event that in this financial year, so far the public sector banks have raised more than Rs 10 thousand crore.
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