By TIOL News Service

NEW DELHI, FEB 05, 2021: FINANCE Minister Ms Nirmala Sitharaman on Thursday urged the industry to come forward and invest in India as the government alone will not be able to meet the demand of a " growing and aspirational India ."

Addressing FICCI's National Executive Committee Meeting virtually, Ms Sitharaman said that despite the COVID-19 pandemic's effect on the economy, the Budget 2021-22 has relied on non-tax sources to spur growth.

"It's a budget which raises resources but not on the back of increased taxation... I underline that we have not burdened any section of Indian society with any additional demand for even an additional rupee," she added.

The Finance Minister had unveiled the budget on Monday, providing a significant increase in health and capital expenditure to boost the economy that is projected to grow over 11 per cent in 2021-22, according to the International Monetary fund (IMF).

"This budget mark a clear directional change for the Indian economy and that directional change is not what the government has offered as a sudden response, but it was something that was preoccupying the Indian minds for over 30 years," she said on Thursday.

The minister said the government had extended all the required support to the industry during the pandemic.

"I hope the industry will understand the spirit with which the budget is placed before you and therefore also come forward to participate in this inevitable exercise. Industry, having cleared all its debts and finances, should now be in a position to invest money to expand and grow and clearly show signs that it is now ready to receive any joint ventures for the sake of technology that it prefers to have," she emphasised.

For providing immediate stimulus to the economy, the government will be spending in a big way in public infrastructure and three large areas where big ticket expenditure will happen include infrastructure, health and agriculture.

"Government alone, even if it brings bags full of money, cannot just meet the demand of the growing and aspirational India," she said.

Speaking on the setting up of Development Financial Institutions (DFI), Ms Sitharaman said the Central government will enable one DFI and the entire financing of long-term infrastructure will happen in a very market-driven way, bringing in efficiency.

The government, she said, has taken a confident, trustworthy and transparent accounting statement in our budget.

"There is no patching up or white washing. It has honest attempt to give honest statement of the government's finances and with the reforms announced along with the stimulus. It is clear that this government is not sitting cautiously, and it is coming forward with faith in Indian industry and business leaders," added the Finance Minister.