Rise in domestic efficiencies, competitiveness must for economic resilience: FM

Finance and Corporate Affairs Minister Nirmala Sitharaman on Thursday said the most effective path for building economic resilience is to build domestic efficiencies and competitiveness.

The government sees the private sector as a trusted co-partner in development, she said while addressing the officers of Ministry of Corporate Affairs after inaugurating the ‘Corporate Bhavan’ in New Town here.

“In this phase of a rapidly evolving global policy landscape with a number of imponderables, our conviction is that the most effective path to building economic resilience is to build domestic efficiencies and competitiveness,” the minister said.

Sitharaman further said that improving ease of doing business is a key component of the vision to ensure India becomes a global economic powerhouse.

She said that the government remains committed to simplifying business regulations to encourage entrepreneurship, strengthening institutions that promote fairness and accountability in corporate governance, and supporting a culture of innovation and skill development.

Sitharaman also stated that the country’s regulatory frameworks must not only safeguard good governance but also enable enterprise, encourage formalisation, and build trust in the systems.