New Delhi: Exuding confidence that Prime Minister Narendra Modi is coming back to power with a good majority in the Lok Sabha for third time, Union finance minister Nirmala Sitharaman on Friday said that the new government will look forward to a more pointed engagement with the industry to see what best can be done in the July budget, which will be the full year's budget. “If the BJP wins majority in the ongoing Lok Sabha elections, Modi will become the Prime Minister for the third term in a row. Soon after the government is formed, we look forward to a more pointed engagement with the CII to see what best can be done in the July budget, which will be the full year’s budget,” she said while addressing industry captains at the CII Annual Business Meeting here.
Emphasising that India’s story is a compelling growth story, Sitharaman also said the country presents immense growth opportunities, which extend to all segments of the economy. “The country has the potential to contribute significantly to global growth, which has been recognised by global agencies, such as the IMF and S&P,” the finance minister said.
She further said that the large Indian consumer market, expected to double by 2031, on account of a rise in consumption spending would ensure that the country will continue to remain the fastest-growing economy in the future. Elaborating further on the subject, she said that according to the RBI and Economic Survey, India has graduated from the twin balance sheet problem of the past to the twin balance sheet advantage, which has led to vibrancy in the market, thereby, propelling investment expansion by corporates on one hand and willingness and capacity of banks to lend on the other. “Secondly, the demographic dividend would be with the country for the next 30 years. When complemented with skill development through public-private partnerships, inclusive of areas like artificial intelligence, big data etc, this is a sure-shot measure to bring prosperity and raise consumer demand. Thirdly, India's transition towards green energy and a sustainable future will generate new markets and demand,” she noted.
