As Union Finance Minister Nirmala Sitharaman prepares to table her second full annual budget on February 1, 2021, she has on Friday promised that it will be like a never before Union Budget, as it would be tabled by the Modi government when it would be surfaced with nationwide expectations to revive the economy to boost the growth from the faltered grounds, as the sequel of the COVID-19 outbreak and restrictions.
According to reports, the Union budget holds importance with how the Modi government approaches the upcoming financial year to repair the damages and to promote Narendra Modi's 'Self-reliant' India with the necessity of addressing all the spheres of economy. While addressing the Confederation of Indian Industry (CII) Partnership summit recently, Nirmala Sitharaman had asked the inputs from the industries for the Union Budget.
Nirmala Sitharaman said, "Send me your inputs so that we can table a budget like never before. 100 years of India wouldn't have seen a budget being made post-pandemic like this one and that it's not going to be possible unless I get your inputs and clear observation of what has put you through the challenge. Without that, it is impossible for me to draft something which is going to be that budget like never before, a budget which is being made after a pandemic".
The finance minister said that support has been showered to those areas which have been disrupted badly due to the COVID-19 pandemic in order to review growth. She stated, "Considering our size, population, and potential that India holds for good growth and building of the economy, I wouldn't hesitate here to say that we shall be the engine of global growth along with a few other countries. We will be a significant contributor to global economic revival".
The finance minister said that while providing more funding for infrastructure, it would be important to bring in private partnerships for not just providing buildings and hospitals but also for providing the capacities to run these hospitals. She stated, "A good example of Aatmanirbhar Bharat is the capacity that we have shown to produce vaccines, to manufacture formulations that the vaccine developers have given and be in a position not just to manufacture those vaccines which we are formulating in India but also to receive the rights to produce vaccines which are developed elsewhere not just for Indian markets but also to export".
By citing that the Central government will be taking all the inputs that the health sector has given us for a good consideration in the budget, Nirmala Sitharaman said that the need of the time is more investments towards medical research and development, biotechnology research and development, and pharma research and development. India has to look at both public and private partnerships and also engagement and investment in the areas of research for medicine.