Economy News

Finance Minister on demanding sustainable recovery of Indian Economy

On Saturday, Finance Minister demanded for a sustainable recovery of Indian Economy via clarity on policies and tax rates.

She further asked credit rating agencies to grade the economies in relative sense and not as silos.

With clarity in policy, tax rates have declined, ensuring consistency in policy and facilitating ease of doing business.

Private investors in India are urged to pull India up and keep it high as one of the fastest growing economies.

Currently, India has the lowest investment grade from all the three global rating agencies.

This consists of Fitch Ratings, Moody’s Investors Service and Standard & Poor’s respectively.

Moreover, Budget 2021-22 has addressed several issues crucial for India to have a clearer path in the next decade.

Further, it will provide a sense of certainty to businesses that policies will remain predictable.

Therefore, businesses will continue to remain in their core activities as a result.

Core sectors are also identified that have bare minimum presence of the government.

However, the remaining are permitted for public private partnership, or complete disinvestment.

The Finance Minister clarified that the government does not want disinvestment or privatisation of units to result in their close down.

Indian economy has high demand for products like steel, coal or copper where public sector undertakings are there for decades now.

Also, the government has emphasized on it’s commitment to both private sector and public sector.

It is important that the long term interest rates are kept at a reasonable range.

This will ensure that government borrowing programme remains at an elevated level in the next financial year.

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