On Wednesday, Finance Minister Nirmala Sitharaman spoke at the CII Global Economic Policy Summit 2021 event. She believes the industry should now begin to take opportunities and risks and engage in capacity expansion in order to reduce reliance on imports. She went on to say that India's economy is improving.

Here are some of the important points from her speech:

The resurgence of India's economy following the pandemic and the lockdown was one of the primary topics discussed by the finance minister. According to Sitharaman, the economy is showing indications of improvement.

Sitharaman also urged the industry to create more jobs in order to narrow income gaps and minimize reliance on imported finished goods in favour of more manufacturing investment.

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She also urged the industry to enhance capacity as soon as possible. "I implore the industry not to put off boosting capacity and searching for opportunities to collaborate in technology," she said. Take risks and not be fearful of it as it will help in India’s growth.

For India to grow more and develop further, it is important that we take more risks and understand what our country needs. Risk-taking is important.

The Finance Minister added that we must strive to become self-reliant. India needs to come back up after the pandemic hindered our supply chains and brought forth the reality and risks that are involved in exports and dependency on it.

Sitharaman praised India's startup environment, praising the 36 firms that became big in the last year.