Chennai: Assuring Centre’s all support to the industry, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman today said India’s trade pacts with UAE and Australia will pave the way for the country’s economic growth.
Speaking at the Stakeholders Outreach Programme on India-UAE CEPA and India-Australia ECTA here, she lauded the Commerce and Trade Ministry for the trade pacts with UAE and Australia and said awareness events are happening all over the country on these agreements.
“Our honourable Prime Minister Narendra Modi has always been saying, we are committed to address your issues and stand with the industry,” she said and added that the Prime Minister would always inquire about the outcome of the interactions, as he was keen to build trust.”
She pointed out the Commerce Minister has called for a meeting to address yarn shortage.
The Finance Minister recalled that the Commerce Minister visited UAE and Australia with delegations to hold interactions on trade pacts.
She urged entrepreneurs to know the features of these agreements and make the best use of them. “If you want any support in connection with the agreements, feel free to convey it to us.”
“Industry should equip itself to cater to the changing tastes and preferences of consumers post Covid”, she added.
Nirmala said when the Prime Minister visited UAE some years back, the Royal family promised 75 billion worth investment in India. Now formal agreement has also been signed.
She also appealed to the entrepreneurs to scale up their business to get share from the investment. “Capital is waiting for you to be utilised. We have to invest India to help you. Find your partners with their support,” she added.
“We are now dependent on one country for APIs. So enough investments need to be made after much thought. I request the State government to invite raw material makers to invest here. We should not be dependent on others for our raw materials. Backward and forward industries should be supported by the Governments,” she said.
On infrastructure, Nirmala Sitharaman said, “I assure on behalf of the Centre all support for infrastructure. A sum of Rs 7.5 lakh crore has been allotted for this. The Centre is ready to allot even more for infrastructure. But we should ensure industrial growth. All States should enhance infrastructure.”
“Let us all strive to ensure adequate electricity round the clock at affordable price. Give priority to energy planning from all sources. Each and every business should come forward to make full use of the agreements”, Nirmala said.