At HTLS 2020, Sitharaman discusses economic recovery, Covid-19 impact, and more: highlights – htls
“The recovery is there, some say it is spotty, but it has been happening in the last 2 months,” Union finance minister Nirmala Sitharaman told Hindustan Times editor-in-chief Sukumar Ranganathan on Friday at the Opening session on the 6th of the Hindustan Times. Leadership Summit (HTLS) 2020. In a wide-ranging interaction, Sitharaman commented on the country’s economic recovery, the upcoming budget, and more on the economic and fiscal aspects of various industries amid the pandemic.
“We are certainly in a different environment now compared to when he had budgeted,” he said, adding that “all sectors are showing a clear indication that recovery is occurring.”
These are the highlights of the finance minister’s session at HT’s virtual summit:
• Publishing the budget in February 2020, not only in India, globally we saw inexplicable challenges.
• Inflation in food prices will not continue. It can be attributed to seasonal fluctuations.
• With periodic government intervention, the drop in inflation will ease
• Whichever Covid-19 vaccine is approved, we need to know the cost per dose and other details before allocating funds to it.
• We do not know the details of the Covid-19 vaccine. Will it be one dose or two doses? Or will there be recurring doses? Unless we get these details, how much it will cost per dose, we cannot say about the budgetary provision of the vaccine.
• Many industry leaders are considering expanding capacity, not just in one unit but across the country.
• We are certainly in a different environment now compared to when I had given the budget.
• Capacity expansion cannot occur without private sector investment.
• I’m not sure if the pent up demand or the festival demand will explain the collection of more than Rs 1 million of GST for 2 consecutive months.
In addition to Sitharaman, the day will also see Federico Marchetti of YOOX Net-a-Porter Group and David Andrew Sinclair, professor of genetics and co-director of the Paul F Glenn Center for Research in Aging Biology at Harvard Medical School at the virtual summit.
Madhya Pradesh Prime Minister Shivraj Singh Chouhan, Walmart Inc CEO Doug McMillion, Deloitte Global CEO Punit Renjen, and Nobel Laureate Abhijit Banerjee will participate in the seventh day of the summit next week, while the last day will see US Senator Mark Warner, Vikram Patel a professor of global health at Harvard Medical School, actress Priyanka Chopra Jonas and singer Nick Jonas as participants.
Singer-songwriter Prateek Kuhad will perform at the closing concert next Friday.