Economy is back on track, GST compensation to states will be paid on time: FM Nirmala

Finance Minister Nirmala Sitharaman told the industry on Thursday (August 12) that signs of economic revival are starting to show, forex reserves have reached $ 620 billion. The government, committed to the revival of the economy, will take all necessary steps to accelerate economic growth. The Modi government has shown commitment to economic reforms even during the pandemic. The government and the RBI have a partner relationship, together they will take steps to accelerate economic growth. The GST compensation will be paid to the states on time so that they can go ahead with the development activities. This is the time for industries to come forward, invest and accelerate economic revival.

Finance Minister Nirmala Sitharaman said on the second day of CII (Confederation of Indian Industry) annual meeting 2021 that she wants to see India move towards self-reliance in sectors like energy on completion of 75 years of independence. He encouraged the private sector in capacity building to help the country become self-reliant in renewable energy generation to reduce the country’s dependence on costly fossil fuels that harm the environment. He said the reliance on renewable energy should be such that we are able to locally produce the equipment which is required to generate renewable energy.

Responding to Bajaj Finserv MD Sanjeev Bajaj on the lower interest rates, FM Sitharaman said she is happy that the RBI has shown no signs of easing the liquidity that the economy needs to sustain the high levels of growth.