Recovery patchy; stimulus at appropriate time: FM Nirmala Sitharaman

FM Sitharaman said the government has turned the crisis into an opportunity as directed by the prime minister and has brought in several systemic reforms

Finance Minister Nirmala Sitharaman has said that the economic recovery in the second quarter has been “patchy” so far and it is difficult to say with any degree of certainty whether the upswing would hold going forward.

Dismissing criticism that the government is unwilling to provide fiscal support to revive demand and consumer spending, Sitharaman said the government has an open mind on the issue and a decision on when to spend and how much to spend will be taken at the appropriate time. In an interview to Business Standard, the minister said the intensity of the problem is unique and the government has been engaging with all stakeholders. However, at this point, no firm assessment has been made on the additional fiscal support.

Sitharaman said the government has turned the crisis into an opportunity as directed by the prime minister and has brought in several systemic reforms on labour, agriculture, banking sector, digitises ration cards, power, etc. “We could have easily opted for providing some succour and not do anything, but we went for critical reforms,” she said. On the silence over the report on public sector enterprises announced as part of the Atmanirbhar package, she admitted that the matter has been pending for a long time, but the cabinet will take a view on it shortly. Whether banks will be included in the strategic list will depend on the cabinet….Read More

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