Budget marks directional change for Indian economy: Finance Minister – The Economic Times

Clipped from: https://economictimes.indiatimes.com/news/economy/policy/budget-marks-directional-change-for-indian-economy-finance-minister/articleshow/80690929.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis

“This Budget mark a clear directional change for the Indian economy and that directional change is not what the government has offered as a sudden response, but it was something that was preoccupying the Indian minds for over 30 years,” she said at FICCI’s national executive committee meeting via videoconferencing.

The Union Budget has marked a clear directional change for the Indian economy, with infrastructure, health and agriculture identified as three big ticket areas for expenditure, finance minister Nirmala Sitharaman said Wednesday.

“This Budget mark a clear directional change for the Indian economy and that directional change is not what the government has offered as a sudden response, but it was something that was preoccupying the Indian minds for over 30 years,” she said at FICCI‘s national executive committee meeting via videoconferencing.

She added that budget has tried to raise resources which are non-tax resources at a time when resources are needed for expenditure, but without burdening any specific section of society or industry.

“I underline that we have not burdened any section of Indian society with any additional demand for even an additional rupee.”

Sitharaman asked the industry to ramp up investments and expansion, so as to share the burden as government alone would not be able to meet the demand of a growing and aspirational India.

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“Government alone, even if it brings bags full of money, cannot just meet the demand of the growing and aspirational India,” Sitharaman said.

The union finance minister expressed confidence that the government’s revenue generation will increase in 2021 through asset monetisation and other non-tax avenues besides disinvestment.

The Union Budget has laid out clear pathway for monetisation of idle and non-core assets besides a pipeline for disinvestment of assets including Air India, BPCL, Shipping Corporation of India,ConcorNSE 3.13 %, BEML and others in the next financial year.

Speaking on the setting up of Development Financial Institutions (DFI), Sitharaman said that government will enable one DFI and the entire financing of long-term infrastructure will happen in a very market driven way, which will bring in efficiency.

The government has given an transparently provided its statement of finances along with reforms and stimulus which was announced over 2020. “There is no patching up or white washing,” she said.
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