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Budget & Beyond: Biting the hard reforms bullet
By Amitabh Kant
In order to truly transform India, there is no way out but sustained growth. We have seen this transformation in the case of South Korea, Taiwan and more recently, China. South Korea grew at an average rate of 9.6% in the three decades between 1960 and 1990. China, between 1980 and 2010, grew at a rate of 10%. Whilst India has witnessed a substantial transformation since the 1990s, our average growth rate for the past 30 years has been 6.5%. Our service sector took off, and so did capital-intensive manufacturing. Yet, it became increasingly clear that the Indian economy marched ahead at two distinct speeds. The formal and organised sector marched ahead. The informal and unorganised sector played catch up.
Budget 2021: Focus on infrastructure assets, 17 new public health units
February 01, 2021 Finance Minister Nirmala Sitharaman has announced multiple announcements in the area of airport infrastructure.
On February 1, Sitharaman said that 17 new Public Health Units (PHUs) will be operationalised and 33 existing PHUs strengthened at points of entry, “that is at 32 airports, 11 seaports and 7 land crossings.”
She said core infrastructure assets will be rolled out under the Asset Monetisation Programme, including Airports Authority of India airports in Tier II and III cities. “The next lot of airports will be monetised for operations and management concession,” she said.
AAI manages a total of 137 airports which include 24 international airports (3 civil enclaves), 10 custom airports (4 civil enclaves) and 103 domestic airports (23 civil enclaves). AAI provides air navigation services over 2.8 million square nautical miles of air space.
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In a usual year, the Union Budget is loaded with expectations from all quarters common citizens, industry, governments’ coffers, and investors. This year, under pandemic circumstances, there was an additional expectation from the Union Budget (2021-22) to show India the way forward after fighting a year of myriad challenges.
The COVID-19 pandemic brought with it unforeseen circumstances and difficulties: an overwhelmed healthcare infrastructure, uncertainty surrounding jobs and wages, and the growth trajectory taking a hit.
However, India stepped up to the challenge and used this crisis for structural reforms, and started preparing for growth revival since the very beginning of the pandemic. The sharp recovery is testament to this pursuit.
FM blows the privatisation bugle
February 01, 2021
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Adding to the resolve is the decision to peg the 2021-22 disinvestment target at a ₹1.75 lakh-crore
In what came as music to the ears of markets and the foreign investor community, Finance Minister Nirmala Sitharaman gave a thumbs up to privatisation, reflecting the government’s commitment to go the whole hog to realise its disinvestment and privatisation target.
Adding to the resolve is the government’s decision to peg the 2021-22 disinvestment target receipts at a whopping ₹1.75 lakh-crore, substantially higher than the ₹32,000 crore pegged at the revised estimate stage for 2020-21. The government had for 2020-21 pegged the divestment target at ₹2.1 lakh-crore, which could not be realised due to Covid-19 lockdown.