2021 will not be about Covid despite second wave: Nirmala Sitharaman

FM says Rs 4,650 crore being given to two vaccine makers in India to ramp up capacity; adds 100% advance paid top them for the next few months

Union Finance Minister Nirmala Sitharaman on Tuesday assured industry that despite a raging second wave of infections, 2021 will not be about Covid-19, and the economic revival will continue.
 
Addressing members of the Merchants’ Chamber of Commerce & Industry in Kolkata, Sitharaman said, “You will withstand this challenge also; 2019 was about liquidity, 2020 was about Covid, but 2021 shall not be about Covid, in spite of the second wave. I want to assure you.”
 
Citing the “cordial” relations between the Reserve Bank of India and the Centre, the FM said the central bank and the government have always worked together to benefit the economy and the country.
 
Pointing to the steps taken by the government, she said, “Revival was happening, is happening and will continue to happen.”
 
Sentiments don’t fall so rapidly, the minister added.
 
There should be complete trust between the government and industry and vice versa to sustain growth, she said, while talking about “Sustaining growth momentum during Covid times”.
 
“I appeal to you to trust and have confidence in the government. There must not be disturbances in the continuity, which leads to mistrust or distrust. Industry should have faith and feel that the government is accessible,” she said.
 
On Monday, the government announced measures to step up the vaccination drive in the country, allowing it to be extended to all above 18 years from May 1.
 
Pointing to it, Sitharaman also mentioned that Rs 4,650 crore was being given to two vaccine manufacturers to help them ramp up their capacities.
 
“To ensure supply, we have paid them 100 per cent in advance for the next few months for supplying the vaccine,” she said.
 
The announcement by the government on Monday on a liberalised and accelerated phase three of vaccination came amid a growing call to extend the drive to a larger section of the population.
 
She added capacity had been ramped up — whether it was for testing, oxygen manufacturing, or PPE kits and ventilators. Core industries such as cement and steel were also ramping up capacities, she said.
 
On West Bengal, the minister said industries in the state require “oxygen” to prosper along with a globalised approach.
 
“Industries in the state need a lot more oxygen to flourish. The history of India was written from Bengal... but even a signature product like the Darjeeling tea is now languishing. Kolkata used to shine with industries in the past, it should do so again. Bengal and its tradition has to be preserved and protected,” she said.
 
Later in the day, representatives of realtors’ body Credai met the FM in Kolkata. “In a discussion with the FM @nsitharaman today, #CREDAI presented recommendations addressing challenges in the #realestate sector & impending #Covid disruptions which may impact #revival of #realty sector,” the industry body tweeted.
 
Credai did not share the recommendations it has made for the sector’s growth. Many senior members of Credai, including its new president, attended the meeting.
 
A delegation of the jute mills advocacy body Indian Jute Mills Association and the tea industry also met the FM, and sought the government’s support to deal with the disruption caused by the pandemic.
 
Tea industry stakeholders asked that ATMs be set up in the gardens, which will help the workers get other government benefits directly transferred to their accounts.
 
Tea workers have been getting cash payments as wages from their employers so far, secretary general of Indian Tea Association Arijit Raha said. Raha said, “The finance minister has been very receptive and said the matter will be looked into and also expedited.”
 
IJMA, on the other hand, discussed various aspects where interventions are required towards Atmanirbhar Bharat.
 
With inputs from PTI