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New age industries will make a big difference in Indian economy: FM Nirmala Sitharaman

FM Sitharaman CII Global Economic Policy Summit 2021: Finance Minister Nirmala Sitharaman also urged India Inc to be a lot more risk-taking, build capacity and understand what India is looking for.

Finance Minister Nirmala Sitharaman on Wednesday said that the new age industries will make a big difference to the growth of the Indian economy.

Speaking at CII Global Economic Policy Summit, the finance minister said that, “…those who are going to be the catalyst of change in the Indian economy even as big industries and core sector industries continue to do it. The new age industries are going to make a big difference to the Indian economy.”

She further said that the new age industries are having something or other to do with each one of the core sector industries. She said that the new age industry will bring in the demand for conventional products.

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She also hailed the 36 companies which turned unicorns during the past 12 months. A unicorn is a company or startup with a market valuation of over $1 billion.

During the session, she urged India Inc to take more risks. She said “I want India Inc to be a lot more risk-taking, build capacity and understand what India is looking for. We want the Indian Industry to come forward and expand.”

Sitharaman also highlighted the consumption situation and said that the festive season saw significant buying trends from the consumers on the back of high demand.

She added that it can be attributed to “revenge” shopping but that’s not enough. She also explained that the industry must come forward to bridge the import-export gap.

Speaking about the auto sector, Sitharaman said that auto sales could have been good had it not been for the semiconductor shortage and shipping container shortage.

On the labour market, the finance minister said “The value of skill has gone up…. workers are in a different bargaining position and industries have recognised this.”

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