ABP Budget Conclave | Budget 2021 Will Revive Economy And 'Bring Lives On Track': FICCI President Uday Shankar

Speaking exclusively in ABP News' Jan Man Dhan Budget Conclave, FICCI President Uday Shankar talked about the need for the country to revive its economy and how he welcomed disinvestment as a method to do that same.

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During the ABP News’ Budget Conclave the Federation of Indian Chambers of Commerce & Industry (FICCI) President, Uday Shankar talked about how welcoming is the Budget 2021. Emphasising on the battered economy because of Covid-19 pandemic in the past year, he said the Budget 2021 is aimed at resuscitating it.

"Right now, the need is to the revival of the economy, and increasing capital expenditure is a very good move and wage-seekers are going to benefit the most from this investment. The downstream effect of this is that other industries will begin to revive," FICCI President Uday Shankar said during ABP News' Jan Man Dhan Budget Conclave.

"I think this budget shows the strategic thought to bring people's lives back on track," he added.

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He talked about privatisation and said that every government in the past 20 years has talked about privatisation and that it has been there on every finance minister’s agenda. “Not being able to privatise is a failure of the government and not because they were not willing to do it,” Uday Shankar SAID.

Calling disinvestment, a bold move he explained, “out of the half a dozen public sector banks in India, privatising two of them is not going to affect people’s lives and the government will have to get more money to invest in healthcare etc. It is not the lack of ideas but because of conviction.”

He also added, “though the economy has been a little weak in the from the past few years, Covid has been a major setback but to come out of it, bold and strategic moves that are required could be seen clearly in Budget 2021.”

Comparing China’s economy to India’s he said that the Chinese has a need to make their country the best which is what is required in India. He also added, that “Democracy and growth don’t have a fundamental contradiction. The problem is the breakdown of consensus between society, media and politics.”

Talking about taxing the Provident Fund he is of the opinion “that taxing it will be a bit of burden on the vulnerable section and it should be discussed again”