Why are you behind public sector in investment: FM to private capital

The two-day Global Investors Summit (GIS) started at Brilliant Convention Center (BCC) here with approximately 150 CEOs and over 3,000 delegates on Saturday. During the inaugural ceremony, Finance Minister Arun Jaitley asked private investors to bring pace in their work. 

Countering comments of Hinduja Group Co-Chairman Gopichand Hinduja, Jaitley said, “I want to remind that normally, industry is ahead of Government. But under Prime Minister Narendra Modi’s decisive governance, we are at a moment of history where the private sector is a little behind the Government.” 

Adding further, Jaitley said, “Therefore, public investment pace has picked up; we are waiting for your pace to pick up. If that pace were to pick up, probably you will have more engines in order to spur growth in India.” 

Jatley also asked private investors to loosen their purse strings following the good Monsoon and softer rates due to controlled inflation. It helps to make the most out of demand. 

Congratulating Madhya Pradesh Chief Minister Shivraj Singh Chauhan, the finance minister observed, “Madhya Pradesh is now an investment hub of India. The state attracts not only international but domestic investors, which is contributing in the country’s development.” 

“Historically, the state of Madhya Pradesh is deprived. However, the transparent and decisive governance of Chauhan has fulfilled basic amenities, water, roads and electricity, which were the bigger concern just 13 years ago. But in 11 years of his governance, the state has doubled its revenues,” Jaitley noted. 

He also opined that Chauhan’s re-election as CM shows social satisfaction, especially double digit growth in agricultural sector. Jaitley forecast that the state would become an important junction in the supply chain of goods and services when GST will be implemented from next year. 

“It is positioned at the centre of India. So it will serve as an important center to circulate all facilities in the four corners of the country,” the FM added. 

Meanwhile, several investors were all praise for Madhya Pradesh’s performance and described it as one of the country’s manufacturing capitals. Reliance ADA Group Chairman Anil Ambani expressed his will to invest in the defence manufacturing industry, saying that that his company has already chosen two places — Pitampur and Bhopal — for the sector after power, coal and renewable energy. 

The Global Investors Summit aims to garner investment both internationally and domestically in key sectors of the economy. At the same time, the summit is also helping the Union Government to strengthen and accelerate the ‘Make in India’ campaign.