Take advantage of govt initiatives and step up investment: Thakur to India Inc

Minister of State for Finance Anurag Thakur has exhorted India Inc to take advantage of the recent government initiatives and step up investments to make the country ''Atmanirbhar Bharat''.

In these difficult times, local industries should become the flag-bearers in showcasing that India is an attractive investment destination, he told PTI in an interview.

As part of the Rs 20.97 lakh crore Atmanirbhar Bharat package, Thakur said the government has announced a slew of long-pending structural reforms concerning the industry, especially land, labour and laws, in a bid to improve investment climate and ease of doing business.

Besides, the minister said other bold reforms announced, including easing of limits on foreign direct investment in defence manufacturing, privatisation of six more airports, and allowing private sector in commercial coal mining, provide newer avenues for investment.

To take care of liquidity needs, various schemes have been unveiled to provide cash to industries to kickstart their business, he said.

"I personally believe that we need more investment from the local industries, Indian industries to showcase to others that India is an attractive destination. We need both investment from the domestic industries, and also from other countries," he said.

Talking about new avenues for investment, the minister said, "Agriculture, agro exports, manufacturing of defence equipmentwithin the country and making it a hub for exports. Also, the area of space where you (private players) can get more investment and mining of coal and other mineral sectors could be looked at. So, there could be many sectors."
Stressing that economic reform is a continuous process, Thakur said, "I'll say the year 2020 will be known as the year of reforms."
Asked if the government is considering monetisation of debt as an option to shore up its resources, Thakur said, "We are just in the second month of this fiscal year. It will be too early to say anything."