Industry

Need complete trust between industry, govt to sustain growth amid COVID-19 situation: Nirmala Sitharaman

Union Minister of Finance and Corporate Affairs Nirmala Sitharaman during a special session of Merchants' Chamber of Commerce and Industry, in Kolkata on April 20, 2021.   | Photo Credit: PTI

Finance Minister Nirmala Sitharaman on April 20 said there should be complete trust between the industry and the government to sustain growth amid the COVID-19 situation.

Ms. Sitharaman, addressing a seminar organised by the Merchants’ Chamber of Commerce & Industry in Kolkata, said the Centre has taken several steps to ensure that revival of the economy continues despite a raging second wave of the pandemic.

“There should be complete trust both between the government and the industry and vice versa to sustain growth. There must not be disturbances in the continuity, which leads to mistrust or distrust. The industry should have faith and feel that the government is accessible,” she said.

Citing the “cordial” relations between the Reserve Bank of India (RBI) and the Centre, Ms. Sitharaman said the central bank and the government have always worked together to benefit the economy and the country.

“During this ongoing second wave, look at the steps which we have taken. Revival will continue to happen. Sentiments cannot fall so rapidly. Our appeal to the industry is to have trust in the government,” the Finance Minister added.

Ms. Sitharaman said the Central government has disbursed ₹4,650 crore to the Serum Institute of India and Bharat Biotech for vaccine production till July, which will be available for free in government hospitals.

“We hope the second wave can be stifled through micro-containment zones as the government is not in favour of an all-across lockdown like last year, which has adverse impact on migrant workers,” she said.

Speaking about West Bengal, the Minister said industries in Bengal require “oxygen” to prosper along with a globalised approach.

“Industries in the State need a lot more oxygen to flourish. The history of India was written from Bengal... but even a signature product like the Darjeeling tea is now languishing.

“Kolkata used to shine with industries in the past, it should do so again. Bengal and its tradition has to be preserved and protected,” the senior BJP leader said.

Later, talking to reporters, Ms. Sitharaman said there is no doubt that the BJP is coming to power in West Bengal, “where every sector is in need of help”.

“Once the saffron power forms government in the State, funds will be provided to the farmers. Our manifesto had elaborated in detail about the revival of Bengal’s economy,” she said.

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Printable version | May 10, 2021 5:07:39 AM | https://www.thehindu.com/business/Industry/need-complete-trust-between-industry-govt-to-sustain-growth-amid-covid-19-situation-nirmala-sitharaman/article34367376.ece

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