February 15, 2021 4:33:12 am
Financial markets and industry chambers have hailed the Union Budget 2021-22 for presenting a clear roadmap to support the economy while laying down the foundation for a privatisation drive that would continue for next five years at least.
Strategic sales of state-owned companies will help the government in funding the ambitious capital spending programmes, especially in the infrastructure and health sectors.
These moves come after India recorded its sharpest ever contraction of 23.9 per cent of GDP in April-June quarter and a swift recovery subsequently.
Whether the Budget has done enough to reboot the economy, to generate employment, to boost incomes of people, or more steps will still be required is a debate that is still not settled.
To discuss these issues and the path ahead towards a steady growth trajectory,
The Indian Express has invited Sajjid Chinoy, Chief India Economist, JP Morgan and Part-Time Member, Economic Advisory Council to the Prime Minister (EAC-PM), to talk on the theme ‘India must return to high growth fast. Does the Budget help?’
Chinoy will help understand whether the Budget focus on high multiplier sectors will create the sufficient and necessary conditions for a sustained growth, and whether the eventual expansion will help the government return to the fiscal consolidation path or not.
He brings to the table his vast economic expertise from the private sector, combined with his experience and understanding of government policy making — a kind of a perfect balance to discuss the budget proposals and other issues.
Amid sharp jump in the central government’s fiscal deficit and the consequent rise in market borrowings, Chinoy’s insight will be helpful in understanding whether the government will be able to raise higher level of borrowings without crowding out private sector investments.
A swift recovery from the record contraction notwithstanding, several sectors including state-owned banks, energy companies, tourism, hospitality and aviation are yet to fully recover from the shock.
Chinoy will be in conversation with P Vaidyanathan Iyer, Executive Editor, National Affairs, The Indian Express, on Tuesday.
Explained.Live is a unique series of explanatory conversations that The Indian Express hosts from time to time.
Expert Guests at Explained.Live sessions since the lockdown began have included Indian Institute of Technology-Delhi Director Ramgopal Rao, Kerala Health Minister K K Shailaja, Public Health Foundation of India president Dr K Srinath Reddy, industrialist Dr Naushad Forbes, capital markets expert Nilesh Shah, medical scientist Dr Gagandeep Kang, and Mahesh Vyas, managing director and chief executive officer of the Centre for Monitoring Indian Economy.
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