financial crisis: FM Sitharaman calls upon India Inc to ‘not miss the bus’, as it did after the global financial crisis
Without stating reasons, FM Sitharaman said that India, post the global financial crisis, missed an opportunity. Liquidity measures taken at the time weren’t rolled back in time and as a result, India became a part of the Fragile Five economies, she said.
“The taper tantrum wasn’t addressed at all and as a result, we missed out on one big opportunity available at the time,” she said. The minister said that the RBI and the government are now working together, keenly observing the global developments.
At the same time, FM Sitharaman assured India Inc that the government won’t allow the economy to suffer and will be duly prepared.
On divestment, the FM said that the target given this time around in the Union Budget was much more ‘realistic’ and not an underestimation. After setting ambitious divestment targets in the last three fiscals, the Centre this time has pegged the next year’s target at a conservative Rs 65,000 crore.
The minister added that while the revival in the Indian economy may not be equal across the board, it is still observable. “It is this revival that makes observers say that this recovery will place India as the fastest growing economy among the larger economies and this will continue in the next fiscal,” the minister said.
