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economy | IST

Want to see a budget like never seen before in 100 years, says FM Nirmala Sitharaman

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Accepting that job creation is another priority for the government, FM said, something new might be required to serve the students graduating from universities.

Finance Minister Nirmala Sitharaman is optimistic about Budget 2021 as she seeks inputs from the industry. "I want to see a post-pandemic budget never seen before in 100 years," the Finance Minister said.
India post-pandemic will be different, and we will have a lot of catching up to do, including in the budget, she said. "We shall be the engine of global growth, for which we need to build capabilities we don't have yet. India needs to be a part of the value chain," she added.
Addressing the Confederation of India Industry (CII) Summit, she said India should be contemporary and relevant in production for which we need to build capabilities where we lack.
Talking about PM's Atmanirbhar campaign, she said, being Atmanirbhar does not mean we are shutting down our imports or exports. We want to benefit from global strengths. A year from now our manufacturing will be on another platform, the world would recognize our digitization print globally, added Finance Minister.
"By then Industry 4.0 would have been rolled out," with core sector revival speedier than one would imagine, she added.
Talking about the self-sufficiency of the country on the vaccine front while many countries are struggling, FM said India is very fortunate to have capacities to produce and export vaccines.
"Health sector would be our top priority, and while health expenditure should be predictable, we shall seek more funding and private partnerships," she added. Government is open for inputs for the health sector in the budget.
In the pre-budget consultation, CII had proposed that the government give a boost to the economic recovery by prioritizing expenditure on healthcare and infrastructure while boosting private investment and job creation.
Accepting that job creation is another priority for the government, FM said, something new might be required to serve the students graduating from universities.
Talking about pandemic stress, she said we need to learn a lesson from rural India — despite the pandemic; rural India has shown improved growth.
The copy was updated to incorporate the latest developments.