INSUBCONTINENT EXCLUSIVE:
"We did not restrict the opportunities to any particular sector,'' said Nirmala SithramanFinance Minister Nirmala Sitharaman said on
Thursday that the government has taken several of measures to support the economy but no amount of intervention will be adequate to deal
with the crisis triggered by the COVID-19 pandemic
Addressing the annual general meeting of the Indian Chamber of Commerce (ICC), Sitharaman said that while in early 2020 green shoots and
revival signs of the economy were visible, it was upset with the pandemic setting in
The government has taken steps for interventions by consulting several chambers of commerce, and Prime Minister Narendra Modi also took
feedback from the industry, she said.For instance, the Garib Kalyan Yojana, free cooking gas and direct benefit transfer schemes were
announced by the government, Sitharaman said
Three different sets of announcements were made regarding ''Atmanirbhar Bharat'', and together with RBI, certain tailormade schemes were
unveiled for various sectors on a demand-driven basis, she said
"We did not restrict the opportunities to any particular sector
This was needed to keep the industry floating," Sitharaman said
"But no amount of intervention by the government will be adequate," she added.Sitharaman said that while the reforms of 1991 were a big
step, but that had a balance of payments crisis
"Had the government of that time had done something more, the economy now would have been in a better shape," she said
The government has brought about reforms in the agriculture sector, ushered in new labour codes for flexibility, and made imports expensive
for goods that can be produced in the country, the finance minister said
On the next Budget, she said that public expenditure, including on capital and infrastructure, will be kept up.Sitharaman said several
sovereign and pension funds are willing to come to India with long-term commitments, which is leading to the higher inward flow of FDI than
The disinvestment agenda, which got Cabinet clearance, will go on and banks will be run by professionals with risk officers brought in from
outside and not appointed from within, she said."DIPAM will be more active
What we see more is dynamism," the minister said
Exuding hope, Sitharaman said, "We are seeing clear signs of revival
We need inputs from the industry at this extraordinary time during Budget-making."
