Union finance minister Nirmala Sitharam on Sunday said the government was well aware of fiscal management and would keep finances in a healthy condition and not leave them unattended.
“Debt to GDP, other indicators which are important for a healthy economy, have to be carefully managed in such a way that sooner in a sense, in a reasonable time frame, the fiscal deficit will also be kept under the healthy level and not let unattended for decades together,” said Sitharaman, who participated in an interactive session with the Bangalore Chambers of Industries and Commerce (BCIC), on Sunday.
She said that the Union budget was about setting the path for the next decade. The Budget 2021 of the Prime Minister Narendra Modi-led government was criticised by various quarters over lack of stimulus for a pandemic-impacted economy and higher borrowing.
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The finance minister said that the government's borrowing was largely aimed at providing a boost to sectors like infrastructure where public expenditure was involved.
She stressed the need for uninterrupted yet sustainable growth.
Sitharaman said that the budget plays the role of a facilitator to enable the private sector as the key driver of economic growth in the country.
“The most important component or input required here is the participation of the private sector. Unless the private sector is energised and facilitated enough, India is just losing a very big opportunity,” she said.
{{/usCountry}}“The most important component or input required here is the participation of the private sector. Unless the private sector is energised and facilitated enough, India is just losing a very big opportunity,” she said.
{{/usCountry}}The finance minister said that the Covid-19 health crisis is an example of how the private sector and the government can come together to achieve common goals.
She mentioned India's proactive approach to provide vaccines to other countries where the government plays the role of a facilitator.
"If that is the way India approaches its responsibility, it will be incomplete unless the government plays its role, that of a facilitator, and the private sector plays its role as a key driver. So that’s the message this budget has talked about,” she said.