now is the time for the private sector to join the capital expenditure campaign kumar mangalam

Mumbai . Aditya Birla Group Chairman Kumar Mangalam Birla called on Indian companies to focus on investment and increase capital expenditure. Addressing the 189th Foundation Day celebrations of industry body Bombay Chamber of Commerce and Industry here, Birla said the government has increased its capital expenditure five times in the last decade and now is the time for corporates to be a part of this initiative. . Amid concerns over the decline in private sector capex, Birla said his diversified conglomerate and other large groups have embarked on an unprecedented capacity expansion drive.

He said, now is the time for the industry to also become a part of this campaign. This investment enthusiasm needs to be made more widespread. We have the ability and responsibility to define the vision for development and shape the India of tomorrow. His remarks came at a time when the growth rate slowed down to a seven-quarter low of 5.4 percent in the July-September period. Reluctance to invest and preference to work at higher capacity are being held responsible for this slowness.

Birla said that the government has done its job by creating an enabling environment and now companies have to accelerate growth. Emphasizing the need to think big, he said that India can reimagine the world's supply chains as a manufacturing and services hub. Birla said the new vision should be determined globally. He said, we stand at a critical juncture where the ambition and imagination of Indians will pave the way for progress. He said that India will have to pay adequate attention to innovation, talent and sustainability to achieve the goal of becoming a developed country by the year 2047.

Disclaimer: Prabhasakshi has not edited this news. This news has been published from PTI-language feed.