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Disinvestment on track, DFI to be operational soon: FM

He urged the government to continue frontloading its committed capital expenditure to support the demand recovery and for the virtuous cycle of private investments to set in.He urged the government to continue frontloading its committed capital expenditure to support the demand recovery and for the virtuous cycle of private investments to set in.

Union finance minister Nirmala Sitharaman on Monday reiterated that the disinvestment plan of the government was on track and the Development Finance Institution (DFI), announced in the Budget, will become operational soon. Expressing satisfaction that liquidity was no longer a major concern, she said the bank-NBFC-MFI channel has been de-clogged and from October 15, there would be a special drive to reach the credit to those who need it.

Addressing the CII members in Chennai, Sitharaman emphasised on the trust the government reposes in industry while pointing out that this trust was important to leverage the opportunities thrown up by the pandemic, which was also reflected in government’s actions.

Elaborating on the government’s strategy for handling the pandemic, she said on one hand the focus was on ramping up vaccination as that was the big protection against the pandemic, the government was also working on ramping up health infrastructure, including in the tier 2 and tier 3 cities, by supporting the private sector. “The ongoing dialogues with industry has enabled the government to take a series of actions, as the pandemic situation evolved,” she told the industrialists.

TV Narendran, president, CII, said the GDP growth of 20.1% in Q1 firmly establishes the setting in of recovery. He elaborated that CII expects a GDP growth of at least 9.5% for this fiscal, provided vaccination continues to gather pace and there are no further severe waves.

He applauded government’s initiatives towards preparedness for the third wave and interventions aimed at catalysing private investments, such as the production linked incentives and the national monetisation pipeline. He urged the government to continue frontloading its committed capital expenditure to support the demand recovery and for the virtuous cycle of private investments to set in.

Industry captains from leading companies across multiple sectors participated in the interaction, including the Hinduja Group, Murugappa, TVS, Rane, CavinKare, Daimler India Commercial Vehicle, Apollo Hospitals, 3M India, Saint Gobain India, Tractors and Farm Equipment and Chettinad Group.

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