(Milcah Anila, Intern Journalist) New Delhi: Finance Minister Nirmala Sitharaman on Monday hinted that another stimulus statement is likely to boost the economy in the wake of corona-induced problems.
Nirmala Sitharaman, who unveiled a book written by NK Singh, chairman of the 15th Finance Commission, spoke on the occasion. She said the Center had started the assessment process on the effects of the corona epidemic on the economy from October.
He said the finance ministry would make a statement regarding the assessment results. ‘Do not rule out another stimulus opportunity. We have announced 2 stimuli so far after in-depth consultation, ”she said. The finance minister also said that the finance ministry would soon approach the cabinet to classify strategic and non-strategic sectors.
Nirmala Sitharaman reference to CPSEs on costs
Meanwhile, the Finance Minister on Monday held a virtual meeting with the secretaries of the coal, petroleum, and natural gas departments and the CMDs of 14 major central public sector undertakings (CPSEs).
Speaking on the occasion, she urged the CPSEs to reach 75% of the capital expenditure targets set for 2020-21 by December, thereby supporting economic growth. This is the fourth time the finance minister has met with various stakeholders in a bid to revive crippled economic growth due to the corona.
He reminded of the need to accelerate capital expenditure in 2020–21 and 2021–22. By 2019-20, 14 CPSEs are expected to spend Rs 1,11,672 crore in the form of capital expenditure, while the Finance Ministry said it has spent Rs 1,16,323 crore (104%). They are targeting an expenditure of Rs 1,15,934 crore for the current financial year.
Focus on preparation: Mukesh
Speaking at the book launch, Reliance Chairman Mukesh Ambani said India needs to focus on manufacturing, which accounts for 70% of India’s total industrial output.
It was suggested that a comprehensive assessment be made on the results of the measures taken and the performance of industries and service sectors in the future. This is crucial for the country’s self-sufficiency.
‘Our father, the son of a school teacher, landed in Mumbai in 1960. Then he has only Rs.1,000. He is confident that if we invest in future businesses and skills, we will be able to build India of our dreams. He believes he can create the largest companies in the world, ”Mukesh said.
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