Sinha, who chairs the Parliamentary Standing Committee on Finance, said the budget was focused on supply-side investment and would ensure that the country achieves inflation-free growth in the long run.
Sinha, who was also the state minister, said the impact of the budget was not only that the country would see a strong recovery this financial year, but that India would grow by seven to eight percent in subsequent years. First-term finance of Modi government.
This budget and the reforms implemented by the Narendra Modi-led government over the last six years will make this a decade of Roaring 20s for India. The ‘Roaring 20s’ refer to the 1920s, after the devastation of the war and the Spanish flu of 1918. That decade saw prosperity and economic boom in the US and many European countries. Speaking on the fiscal deficit, which is estimated at 9.5 percent of Gross Domestic Product (GDP), Sinha said this year’s fiscal deficit includes expenditure on the Food Corporation of India (FCI), which are additional budget receipts.
The former Union Minister also said that in addition to looking at the fiscal deficit, where are the additional resources being utilized. Many such resources were used to provide relief to the poor and marginalized during the corona virus-induced lockdown. These resources were used to help people during challenging times, he said.
Sinha also confirmed that mega reforms have been announced in the budget, including the setting up of an asset restructuring company and an asset management company to clean up non-performing assets in the banking sector.
The establishment of textile parks was also announced. Sinha, who held the civil aviation portfolio in the previous government on the sale of Air India shares, said the Center intention was clear and it was conducting a strategic sale of the national carrier. There were problems with non-core assets, core assets, and affiliates of the airline, all of which have now been dealt with and he underlined that the sale of Air India shares is a complex process. He said the government would look into the market conditions and the aviation sector affected by the COVID-19 pandemic for the sale of the vehicle.
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