Finance Minister Nirmala Sitharaman on Thursday said that the Indian economy benefitted from the collective thinking and coordinated efforts of all the stakeholders.

Addressing the CII Annual Meeting 2021, she thanked the industry for being level-headed while facing the challenges during the first and second Covid wave and said that no one could predict the scale and speed of the second wave of Covid-19.

Sitharaman said that the government is an active participant in the economic recovery. She said that the public spending during the pandemic ensured that the core sector grew at nearly 9 per cent and also added that consumption has been given all the boost that is required.

The finance minister said that FDI has been flowing into the country nonstop, it is because there was this confidence about the macro-economic fundamentals.

Adding further, she said that the country’s foreign exchange reserves are at 620 billion dollars as of July 2021. The minister said that the indicators are very clear that the economy is buoyant and the recovery is very clear. “The messages and indications which are coming are very clear that the economy is revving to come out,” Sitharaman said.

She said that the exports are growing and steel and certain core industries have themselves said that the growth is phenomenal. The infrastructure investments are at one of the highest in India’s history.

Speaking about disinvestments, she said “our commitment to disinvestment and privatisation is firmly ingrained in policy. There is no discretion & there is a calendar.”

Sitharaman noted that the Indian industry is moving into totally new areas and added that “I invite you all to take the bull by the horns and help the Govt. Govt is with you,” she said.

On Wednesday, Prime Minister Narendra Modi while delivering the keynote address of the CII Annual Meeting said that the Indian economy is picking up pace once again and there is a newfound confidence in made-in-India initiatives. He said that the country is witnessing a strengthening of cooperation between government and industry.

The prime minister also hailed the industry for stepping up to help in every possible way from masks to PPE kits to vaccines.