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Nirmala Sitharaman says ‘no quantity’ of intervention shall be enough to take care of COVID-introduced about financial crisis

Kolkata: Finance Minister Nirmala Sitharaman said on Thursday that the authorities has taken various measures to toughen the economy but no quantity of intervention shall be ample to take care of the crisis introduced about by the COVID-19 pandemic.

Addressing the annual same old assembly of the Indian Chamber of Commerce (ICC), Sitharaman said that while in early 2020 green shoots and revival signs of the economy were viewed, it became once upset with the pandemic setting in.

The authorities has taken steps for interventions by consulting various chambers of commerce, and Prime Minister Narendra Modi also took suggestions from the alternate, she said.

As an illustration, the Garib Kalyan Yojana, free cooking gas and order profit transfer schemes were announced by the authorities, Sitharaman said.

Three varied sets of announcements were made concerning ”Atmanirbhar Bharat”, and along with RBI, sure tailormade schemes were unveiled for various sectors on a seek data from-pushed basis, she said.

“We did now not restrict the opportunities to any particular sector. This became once wanted to wait on the alternate floating,” Sitharaman said.

“But no quantity of intervention by the authorities shall be ample,” she added.

Sitharaman said that while the reforms of 1991 were a huge step, but that had a steadiness of payments crisis.

“Had the authorities of that time had performed one thing more, the economy now would were in a better shape,” she said.

The authorities has introduced on reforms within the agriculture sector, ushered in contemporary labour codes for flexibility, and made imports costly for goods that may perchance perchance perchance additionally additionally be produced within the country, the finance minister said.

On the next Budget, she said that public expenditure, including on capital and infrastructure, shall be kept up.

Sitharaman said various sovereign and pension funds are willing to return to India with prolonged-duration of time commitments, which is main to the upper inward drift of FDI than comparable economies.

The disinvestment agenda, which got Cabinet clearance, will gallop on and banks shall be scoot by experts with threat officers introduced in from outdoors and now not appointed from within, she said.

“DIPAM shall be more filled with life. What we glance more is dynamism,” the minister said.

Exuding hope, Sitharaman said, “We’re seeing clear signs of revival. But that has to wait on. We desire inputs from the alternate at this extraordinary time at some stage in Budget-making.”

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