Mumbai: Finance Minister Nirmala Sitharaman has said that the government understands the concerns of investors and will consider their suggestions before preparing the next Union Budget.
She said that India needs more investment to keep its economy growing. The government will look at ways to support both the share market and the bond market.
Speaking at the Financial Express Leadership Awards in Mumbai on Monday, Sitharaman said that the government wants to maintain economic growth of more than 7% and create more opportunities for businesses and investors.
She also spoke about tax rules, jobs, skill training, artificial intelligence (AI) and the ongoing issues within the Tata Group.
Finance Minister Understands Investors’ Concerns
When asked whether the upcoming Budget would offer special benefits to foreign investors, Sitharaman said that she understood the concerns of Indian investors as well as foreign investors.
She explained that India’s tax rules were almost the same in 2023-24, when the country received a high amount of foreign investment.
However, she said that the situation has changed since then. Foreign investors had taken more money out of the Indian market, although some have now started investing again.
The Finance Minister said that the government would consider the concerns raised by investors because investment is important for the country’s economic growth.
She also said that India needs more money and investment, especially in the share market, to keep its growth strong.
Government Wants to Support Both Indian and Foreign Investors
When asked if the government would make special efforts to attract foreign money, Sitharaman said that the issue should not be seen as a competition between Indian and foreign investors.
She explained that people should not feel that the government gives more importance to foreign investors than Indian investors.
Her message was that the government needs investment from all sides to support India’s economy.
She also said that the government is working to make the bond market bigger and stronger. Now, there are also demands to give more support to the share market.
Finance Minister Comments on the Tata Group Issue
Sitharaman also spoke about the ongoing developments within the Tata Group.
She said that the matter should be handled by the group’s leadership through talks and mutual understanding. She does not believe that such business matters should automatically require government intervention.
The Finance Minister praised the contribution of the Tata Group to India’s economy and its position around the world.
She also spoke about the contribution of the Parsi community in building the Tata Group into a major global business name.
Sitharaman said that the Tata Group is very important for India’s economy. She hopes that the people involved will solve their differences peacefully and bring the situation back to normal soon.
She also said that such matters should be handled with maturity and should not continue to become public disputes.
Government to Focus on Jobs and Skill Training
Talking about the next Union Budget, Sitharaman said that the government will continue to focus on training young people and helping them get jobs.
She said that new technology is changing the way people work. Young people need the right skills to get jobs in the future.
The government also wants schools and educational institutions to include Artificial Intelligence (AI) in their courses and training programmes.
This will help students understand new technology and prepare for future job opportunities.
Simple Tax Rules and Easier Business Conditions
The Finance Minister also spoke about the government’s plans to make tax rules easier for people and businesses.
She said that the government will continue its focus on trust-based taxation. This means making tax rules easier to follow and building trust between taxpayers and the government.
She mentioned steps such as reducing corporate taxes, making changes to personal income tax and bringing reforms through GST 2.0.
The government also wants to make business rules simpler.
Sitharaman said that further changes could be considered in areas such as government tenders, bank guarantees and project approval processes.
These changes may help businesses complete their work with fewer delays and less paperwork.
Finance Minister Asks Businesses to Share Their Suggestions
Sitharaman also asked business leaders and industry groups to stay connected with the government throughout the year.
She said that businesses should not wait until the Budget season to share their problems and suggestions.
They are free to tell the government what changes they need. However, they should also share updates about whether those changes are helping them or not.
She said that the government, under Prime Minister Narendra Modi’s leadership, has always welcomed suggestions from the business community.
Focus on Building a Developed India
At the end of her speech, Sitharaman said that the government and businesses have a common goal of making India a developed country under the vision of ‘Viksit Bharat’.
She said that India has reached an important stage in its development journey and everyone must work together to achieve this goal.
The Finance Minister’s message ahead of the Union Budget was clear: India needs investment, better skills, more jobs, simpler tax rules and stronger businesses to maintain its economic growth.
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