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Finance minister Nirmala Sitharaman has asked Indian industry to partner with startups and use their solutions in developing products. She also sought to know from the captains of Indian industry to give 'out of the box' ideas on what could act as catalyst to boost investment.

She said ‘I find the pace at which startups and their solutions are moving. Actually the solutions are for you. But you should move as fast as they do or else you will be where you are and they will find newer industry or business activity for which they will come up with solutions which are lucrative and you are going to be where you are’. She also said ‘So I would think working together with startups for products... or for technology requirement is the need of the hour and you should now unhesitatingly partner to get that benefit’.

She said for the new sunrise sector, Production Linked Incentive (PLI) scheme can be a good incentive. She said ‘But I also think beyond PLI is there is anything that you think is that one little catalyst which can give you the lead, what is that’. She also urged industry to think of out-of-the-box investment drawing and technology drawing ideas, and out-of-the-box working together with startups to get your solutions. She said post-Covid the industry has started looking at the India opportunities beyond their own sectors and is calibrating investment plans in line with technology, SDG and sustainability imperatives.

On the suggestion of reducing Goods and Services Tax (GST) on cement from the current 28%, to bring down the cost of construction both for public works and private construction activities like housing, the finance minister said that the issue will be examined and if required will be considered for reference to the GST fitment committee.