As the Indian economy faces one of its most difficult times in the wake of the new coronavirus pandemic, which has affected the entire world for more than ten months, Sitharaman spoke with R. Sukumar, editor-in-chief of the Hindustan Times. The session will revolve around the economy after the Covid-19 pandemic, among other things.
His speech comes just after the Reserve Bank of India (RBI) met in its Monetary Policy Committee (MPC) today with India’s GDP projected to contract by 7.5% in the current fiscal year, compared to its previous projection of a 9.5% contraction.
The 18th edition of the prestigious Summit takes place virtually in the midst of the Covid-19 pandemic and aims to spark conversations that can help with: ‘Defining a new era’.
The virtual summit will bring together world leaders to map out a plan for what lies ahead for India and the world.
Live discussions span 4 weeks starting November 19, 2020; every Thursday and Friday.
Here are key updates from Finance Minister Nirmala Sitharaman’s speech at HTLS 2020:
– “Given all the difficulties, the confinement, all the difficulties, the people of India moved on. The people who are resisting it every day are giving me strength,” says Sitharaman about what gives him strength in the midst of the pandemic. of Covid-19.
– “The periodicity of the dosage and the number of dosage is not very clear at this time. What we know now is to wear a mask, maintain social distancing and other appropriate Covid behaviors,” says the Minister of Finance.
-With his eye on vaccination, Sitharaman answers a series of questions about the economic recovery next year:
“An adequate economic recovery is possible as of next year. The arrival of the Covid-19 vaccine brings positivity and for that, a mechanism is being put in place right now for the proper administration of the vaccine. All this will bring optimism and positivity.” added. says FM.
-The Finance Minister also says that more than 30 million million people received cash benefits during the pandemic, which may not be adequate, but they received them.
-There were discussions: Nirmala Sitharaman on agricultural reforms:
“One thing is clear. Under Prime Minister Modi, a lot of tasks are done before taking the last call. All parties have spoken about it. In fact, these reforms were part of their manifestos. I know that the Ministry of Agriculture spoke with stakeholders before the laws were finalized, “says Sitharaman.
– “We take the Minimum Support Price (MSP) very seriously and we buy MSP much more than previous governments had done. We have given farmers a lot of money with the MSP,” says FM.
– “The Minister of Agriculture is sitting down and engaging in a meaningful conversation with farmers with an open mind, I am sure something will come out of it,” says the Minister of Finance about the farmers’ ongoing protest to repeal agricultural laws.
-When asked about the vaccine budget due to the pandemic, Sitharaman added: “We don’t know the details of the vaccine. Will it be one dose or two doses? Will there be recurring doses? Unless we get these details, how much for dose will cost, we can not say about the budgetary provision of the vaccine. “
-Finance Minister Sitharaman says the holiday lawsuit alone cannot explain ₹1.5 lakh peak in GST collections. Industry leaders are currently looking for capacity expansion and core industries like cement, iron and steel and integrated plants are expanding, Sitharaman adds.
-The GST city council does not change rates in each and every one of its sessions, he adds.
“Investments to expand capacity are pouring in at all units. The prevailing demand is making its presence felt in PMI manufacturing,” he says.
– “I am not worried about inflation related to food supply and demand, since the increase in prices is mainly due to the fact that it is seasonal,” says Sitharaman. “With government intervention, I have the feeling that food inflation will disappear,” he adds.
– “The recovery is there – some say it is irregular – but it has been happening,” says the finance minister.
– “Certainly we are in a completely different environment since the last time I gave the budget and, globally, the world has seen inexplicable challenges for all the financial ministers of the world”, said the Minister of Finance of the Union, Nirmala Sitharaman .
-Finance Minister Nirmala Sitharaman in conversation with R. Sukumar, Editor-in-Chief, Hindustan Times opens on the sixth day of HTLS 2020.
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