Govt Aims At Sustained Economic Recovery, Says Nirmala Sitharaman

The Union Budget has raised capital expenditure by 35.4 per cent to Rs 7.5 lakh crore in a bid to continue the public infrastructure plan

New Delhi: Finance Minister Nirmala Sitharaman on Monday said that the central government’s topmost priority is revival of economic growth in the country.

The minister said that the Centre is aiming at a sustained economic recovery and the budgetary proposals on infrastructure building are an attempt to create a multiplier effect to propel growth.

Addressing an event to several industry leaders as part of the post-Budget interaction in Mumbai, Sitharaman said, “The recovery is the most important thing we must have to focus our attention on. And, a sustained recovery, a strong recovery is something which all of us would want. Therefore, this Budget probably gives more space, attention and focus on keeping that growth revival as the priority and it also has clear messages for sustainability, predictable tax regimen... transparency in the process of Budget making.”

She said that the Budget has been prepared at a time when the economy is coming out of the pandemic’s impact.

Stating that technology has helped the government make payments to the affected people during the pandemic, the minister said the government is also looking at how digital solutions can be deployed in the education and the farming sectors.

The Union Budget has raised capital expenditure by 35.4 per cent to Rs 7.5 lakh crore in a bid to continue the public infrastructure plan which in turn will create fresh jobs in the economy besides crowd-in private participation through investments.

“Spending on infrastructure was chosen as a more favourable route because it ensures greater multiplier effect, and with the greater multiplier effect we hope assets can be created which can last us for several decades,” said Sitharaman, while adding that the government wants to push innovation and the support to help the start-ups will continue.

The minister also pointed out how the country adapted to technological advancements during the pandemic, especially in the space of online payments. “We could reach people in their homes and could give money into their accounts all because of the technology which has been spread and adopted by our own people,” she added.