Finance Minister Nirmala Sitharaman: There is no negative effect of Covid-19 on the Indian reform roadmap

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Just as we planned the divestment, the creation of the DFI (Development Financing Institution) which companies are looking at for asset rebuilding, everything is on the right track.

Views on Indian economy losing its momentum.

 Before the pandemic, between June 2019 and the budget presented in February 2021, there was certainly a slowdown, a lack of liquidity, and if people needed money, they could not get it. We are taking many steps to ensure that liquidity reaches people. Well before September and October, we had banks, NBFC, and others arriving with liquidity. the main problem of the impossibility of lending by banks that was resolved and clear signs of recovery was evident at the beginning of 2021, with the submission of a budget in February 2021, but of course, a few weeks after the submission of the budget, there was Covid-19 while The second wave challenges us for various reasons (supply of critical drugs, supply of the necessary amounts of oxygen, supply of medical equipment), the government has quickly taken many measures, including, if necessary, the import of quality medical oxygen. When it comes to critical medications, we have taken many steps to ensure that care-related issues are addressed first. very glad that the Prime Minister has mentioned this in so many words that there will be no national shutdown comparable to that in 2020. The reason for this is that in 2020 we did not have adequate PPE equipment and increased production. PPE and fans and testing laboratories were installed across the country. The current situation is very different. We already have two vaccines, so imposing a lockdown across the nation is fruitless.

On foreign investment

I have spent a lot of time analysing recent tariff issues. The points at which the elevations occurred agree very well with those we submitted on behalf of Atmanirbhar Bharat. When it comes to end-use products that we manufacture in this country, we prefer our capacities to be strengthened and to be strong, but we have not imposed tariffs on raw material or intermediate products, so we do not pretend to be regressive. In a meeting held with a representative from Cairn, they had discussions on this topic only The Prime Minister has made it clear that we do not believe in retroactive taxation.

On self-reliance vs global integration

The Indian manufacturing industry suffers for many reasons, especially in the problems that are common in this country, not in the specific things that we cannot produce like high-tech technology or even basic products. As a result, many of our small and medium manufacturing companies cannot survive, and India’s economy is heavily dependent on our MSME. As the government, we have received a call from MSMEs who need to support and produce consumer products. When we say Atmanirbhar, we are not stopping the Indian economy, we are saying that we must use our advantage. And yet the manufacturing industries suffer which is common.

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