NEW DELHI — Finance Minister Nirmala Sitharaman on Wednesday stressed that
India Inc's commercial considerations should blend with the economy, nation's
priorities and strategic needs.
Asking the industry to "realign and reset"
itself based on the lessons learnt in the last decade, Sitharaman said the
supply chains should be widespread lest geopolitical risks disrupt it.
"Economic and commercial considerations today will
have to blend (with) economy and its priorities with politics and strategic
needs," Sitharaman said at the CII Global Economic Policy Forum 2024 here.
Outlining the priorities of the economy for the next
decade, Sitharaman said the industry should work with small and medium
enterprises to explore how they can support large units, while equally
contributing to job creation.
"When we talk about restoring supply chains to
frictionless supply chains, let's not forget it's not just economics, it's more
than that... We have to build in our own decision making not just in economic
sense but also in a political and strategic sense.
"Supply chains will have to be restored but you
would have to reset it, realign it, you will have to make sure that it is
spread so much that no geopolitical or strategic risks will threaten our
wellbeing," Sitharaman said.
Learning from the last decade are that the country will
have to now realign, and industry will have to realign itself not just on
economic principles.
Sitharaman said the attempt of both industry and governments
everywhere should be to restore global calm and normalcy. There can nowhere be
enough justifiable reason for skirmishes or war, she said.
"The global priority for this decade should be to
restore normalcy. They are the main cause for disruptions in supply chain,
inflation and other global challenges," the Minister said.
Stating that the benefits of economic success will be
spread properly only through technology. India's Digital Public Infrastructure
(DPI), ONDC (Open Network for Digital Commerce) and technology stack for
agriculture have democratised access.
"Farmers are now able to access the global markets
due to the advantage of technology. I'm sure that 'Agri Stack' will be the next
big thing you will hear coming out of India," she added.
"The world is facing challenges which are reflected
in the economy," the Minister said.
Industry will have to look at ways to adapt with newer
challenges, she said, adding scale cannot be the only criteria.
Addressing the session on decadal priorities of the
global economy, Sitharaman said the government is super-conscious of the fact
that it cannot burden the forthcoming generations with debt that is not
sustainable.
"In this coming decade, the priority should be to
manage finances and borrow for building assets, managing better, but it cannot
be (that) such borrowing... leaves the next generation worried," she said.
