live

Nirmala Sitharaman Interview with Network18 Updates: Consumer 'not burdened' by agri-infra cess, says FM

Nirmala Sitharaman Interview with Network18 Updates: Addressing the concerns on the cess imposed, Sitharaman added that in case of cess imposed on petrol and diesel, 'we have applied it on the additional excise duty which is purely central government's money'

FP Staff February 01, 2021 19:02:20 IST
Auto refresh feeds
Nirmala Sitharaman Interview with Network18 Updates: Consumer 'not burdened' by agri-infra cess, says FM

File photo of Union finance minister Nirmala Sitharaman. PTI

Highlights

LIVE NEWS and UPDATES

Feb 01, 2021 - 19:31 (IST)

Budget 2021 LATEST Updates

Stimulus was necessary, says FM

"The stimulus was necessary, we are looking at quality expenditure and the way we have designed the Budget monitoring the qualitive expenditure, it will give us the multiplier for the economy," Union finance minister Nirmala Sitharaman said in an interview with News18.

Feb 01, 2021 - 19:22 (IST)

Budget 2021 LATEST Updates

Want to have a holding company for banks' bad assets, says Sitharaman

On setting up of an entity to address the stressed assets of banks, Sitharaman says, "We want to have holding company, which will, with a formulation given, take the bad assets from the banks and put it into the holding company. It will have government participation but largely the IBA will do it."

Feb 01, 2021 - 18:59 (IST)

Budget 2021 LATEST Updates

'Farmers' doubt over MSP is surprising'

On being asked whether the farmers' concerns were justified over the provision of minimum support price (MSP) in the context of the new farm laws, Nirmala Sitharaman said she was "surprised" that the farmers were "doubting the government's intention" about MSP. Thousands of farmers have been protesting against the laws for over two months at Delhi's borders.

Sitharaman said, "The farmers' concerns on MSP and their doubts regarding the government's intention is surprising. They should come to the table and specifically tell us where the grievances are. Spending on MSP has been increasing manifold, I have data."

Feb 01, 2021 - 18:47 (IST)

Budget 2021 LATEST Updates

Importer, consumer 'not burdened 'by agricultural infrastructure cess, says FM

Nirmala Sitharaman addressed concerns about the cess being imposed on agricultural infrastructure.

She stated that the cess will "not burden" the consumer or the importer. "I wanted to make sure that the money for funding infrastructure for agriculture is got a head on which I'm earning certain amount, and that can be used. In case of petrol and diesel, we have applied it on the additional excise duty which is purely central government's money," she said.

Feb 01, 2021 - 18:37 (IST)

Budget 2021 LATEST Updates

Indian companies have offloaded debts: FM

Finance Minister Nirmala Sitharaman, weighing in on key takeaways from the Union Budget 2021, said that the private sector companies in India are seeking to expand and have offloaded their debts.

"We have seen a pick-up in exports; companies are seeing that it's possible to invest and grow. The private sector is seeking to expand its scope," Sitharaman told Network18 on Monday.

Feb 01, 2021 - 18:28 (IST)

Budget 2021 LATEST Updates

Hope Union Budget is 'well understood', says Nirmala Sitharaman

"Hope the intent of the Union Budget is well understood. We want the country to accept this budget," Nirmala Sitharaman tells News18 on Monday.

Feb 01, 2021 - 18:26 (IST)

Budget 2021 LATEST Updates

Network18 group editor Rahul Joshi inteviews FM

In her first interview to a news channel after unveiling the Union Budget 2021 on Monday, Union minister Nirmala Sitharaman told News18 that the Centre wanted to avoid spending on infrastructure by raising taxes. She added that the Centre has "delivered on healthcare, infrastructure".

Feb 01, 2021 - 18:15 (IST)

Budget 2021 LATEST Updates

Nirmala Sitharaman says Centre's accounts have been made more transparent

In a press conference on Monday evening, Union finance minister Nirmala Sitharaman addressed questions on the Union Budget 2021, which was unveiled on Monday.

"Our fiscal deficit which started at 3.5 percent during February 2020 has increased to 9.5 percent of GDP, so we have spent, we have spent and we have spent. At the same time, we have given a clear glide path for deficit management," the finance minsiter said.

"We have made government accounts more transparent. We are absolutely upfront with fiscal deficit. We not only ensured repeated review of capital expenditure and ensured that spending was encouraged and not delayed," said Sitharaman insisting that accounting of government expenditure and revenue statements are now a lot more transparent and open. 

Feb 01, 2021 - 18:13 (IST)

Budget 2021 LATEST Updates

Economists say Budget doesn't address inequities

Economists hailed Finance Minister Nirmala Sitharaman for a "bold budget" focused on fiscal expansion but flagged concerns over the proposals for not addressing the problems of inequitable growth.

Concerns over the impact on the sovereign rating have been sidestepped in the budget by using a wider fiscal deficit for addressing the growth needs, they said. The budget was widely expected to be a fiscally expansionary one, given the concerns on the growth front.

"The budget does not adequately address concerns over inequitable growth which has been a worry across the globe due to the pandemic. There has been no specific support for sectors stressed due to the pandemic like the hospitality sector," HDFC Bank's chief economist Abheek Barua said.

Nirmala Sitharaman Interview with Network18 LATEST Updates: Nirmala Sitharaman addressed concerns about the cess being imposed on agricultural infrastructure.

She stated that the cess will "not burden" the consumer or the importer. "I wanted to make sure that the money for funding infrastructure for agriculture is got a head on which I'm earning certain amount, and that can be used. In case of petrol and diesel, we have applied it on the additional excise duty which is purely central government's money," she said.

In her first interview to a news channel after unveiling the Union Budget 2021 on Monday, Union minister Nirmala Sitharaman said that the Centre wanted to avoid spending on infrastructure by raising taxes.

The Union finance minister Nirmala Sitharaman on Monday said that the Centre has "delivered on healthcare, infrastructure. 

The Union Budget 2021, which was announced by the Union finance minister on Monday, was hailed by BJP leaders as a 'forward-looking' plan for the economy

Allocating an enhanced outlay of Rs 1.18 lakh crore for the highways sector for 2021-21, Finance Minister Nirmala Sitharaman on Monday said execution of flagship highways corridors as well as projects are bound to speed up.

An allocation of Rs 91,823 crore was made to highways for 2020-21, which was revised to Rs 1.01 lakh crore.

"I am... providing an enhanced outlay of Rs 1,18,101 lakh crore for the Ministry of Road Transport and Highways, of which Rs 1,08,230 crore is for capital, the highest ever," said Sitharaman in her Budget speech while tabling the Union Budget 2021-22 in Parliament.

She added that some of the flagship corridors and other important projects would see considerable activity in 2021-22.

More than 13,000 kilometres of roads at a cost of Rs 3.3 lakh crore has already been awarded under the Rs 5.35-lakh crore Bharatmala Pariyojana, of which 3,800 kilometres have been constructed.

"By March 2022, we would be awarding another 8,500 kilometres and complete an additional 11,000 kilometres of national highway corridors," she said.

To further augment road infrastructure, more economic corridors are also being planned, the FM said adding that 3,500 kilometres of national highway works in Tamil Nadu at an investment of Rs 1.03 lakh crore.

These include Madurai-Kollam corridor, Chittoor-Thatchur corridor, she said adding that construction will start next year.

The finance minister said 1,100 kilometres of national highway works will be undertaken in Kerala at an investment of Rs 65,000 crore, including a 600-kilometre section of Mumbai-Kanyakumari corridor. In addition, 675 kilometres of highway works in West Bengal at a cost of Rs 25,000 crore, including up-gradation of existing road-Kolkata Siliguri, will also be undertaken.

Besides, national highway works of around Rs 19,000 crore are currently in progress in Assam, she said. Further works of over Rs 34,000 crore covering more than 1,300 kilometres of national highways will be undertaken in the state in the coming three years, Sitharaman added.

The flagship projects that are to be expedited include Delhi-Mumbai Expressway; while for Bengaluru-Chennai Expressway, 278 kilometres will be initiated in the current financial year and construction will begin in 2021-22.

The Delhi-Dehradun Economic Corridor work will be initiated in the current financial year, while the Kanpur-Lucknow Expressway work will be initiated in 2021-22.

Likewise, a 277-kilometre Chennai-Salem corridor will be awarded soon and construction would start in 2021-22. In addition, Raipur-Visakhapatnam 464-kilometre project passing through Chhattisgarh, Odisha and north Andhra Pradesh will be awarded in the current year and construction will start in 2021-22.

Amritsar-Jamnagar construction will commence in 2021-22, while Delhi-Katra construction will commence in 2021-22.
Terming the Budget a pragmatic one, Road Transport, Highways and MSMEs Minister Nitin Gadkari said the provisions for augmenting infrastructure will go a long way in laying a sound infra for the country.

Updated Date:

Subscribe to Moneycontrol Pro at ₹499 for the first year. Use code PRO499. Limited period offer. *T&C apply

also read

Finance ministry allows all private sector banks to participate in government-related businesses
Business

Finance ministry allows all private sector banks to participate in government-related businesses

This step is expected to further enhance customer convenience, spur competition and raise efficiency in customer services, a ministry statement said

Shershaah, featuring Sidharth Malhotra, Kiara Advani, to release in theatres on 2 July
Entertainment

Shershaah, featuring Sidharth Malhotra, Kiara Advani, to release in theatres on 2 July

Karan Johar, Sidharth Malhotra, and Kiara Advani shared new posters of Shershaah along with the release date announcement