Jan Man Dhan: 'Slowdown, Not Recession In India,' Says RS Prasad; Assures Budget Will Improve Economy

"In the coming years, we will bring the economy on track and the momentary uncertainty faced at present will be fixed," said Union Minister Ravi Shankar Prasad at ABP News' conclave Jan Man Dhan.

New Delhi: Union Law Minister Ravi Shankar Prasad spoke at length with ABP News on the Union Budget that was presented by Finance Minister Nirmala Sitharaman in the Parliament on Saturday, in its post-budget analytic conclave ‘Jan Man Dhan.’ Hailing the Union Budget as an inclusive one, Prasad asserted that it will help to strengthen the economy of the country. “India is fifth-largest economy. Current account deficit, fiscal deficit and inflation are in control. The trust level of other countries on India has increased rapidly,” he said. When asked about the 1000 point plunge in Sensex soon after the budget, Prasad said “We respect Sensex, but Sensex is not India. Our aim is to ensure the well-being of farmers and the hopes in the eyes of the country’s youths.” He said that the drop could be a knee-jerk reaction, when the details of the entire Budget will be understood better, all the stakeholders will get relaxed. When questioned about the roadmap for tackling the economic crisis Prasad said “We have to stay in government for four more years. This budget is only for 1 year. In the coming years, we will bring the economy on track and the momentary uncertainty faced at present will be fixed..” He emphasised that all the international bodies have said that there is a “slowdown” in India, it is not “recession.” When questioned about the privatisation of LIC and IDBI, Prasad said that LIC is not being privatised; rather the government has proposed divestment in a part of it. “We want it to have more professionalism and accountability,” he said. On the ongoing protests against the Citizenship Amendment Act (CAA) and the proposed nationwide NRC, Prasad questioned that why do the protesters raise slogans of Aazadi (freedom)? “Is India not a free country? The tukde-tukde gang talks of Aazadi and it hurts to see those at Shaheen Bagh raising the same slogan,” he said. He said that India belongs equally to both Hindus and Muslims, but an atmosphere of fear is being created by some. Finance Minister Nirmala Sitharaman on Saturday, presented the full budget for the fiscal year 2020-2021. Sitharaman who unveiled the Union Budget 2020 in the Parliament on Saturday, announced that the Budget 2020 is woven around three prominent themes - Aspirational India, Economic Development and Caring Society which includes health as one of the fundamental pillars, in addition to education and better jobs.