Need for financial sector reforms: Oppn in Lok Sabha

The Opposition in Lok Sabha on Monday expressed concern over the "decline" in investment in the country and said the expected GDP growth rate and tax collection figures appear unrealistic.

Participating in the discussion on the Union Budget 2020-21, BJD member B Mahtab said that investment in India has been the main driver of growth, but it has been declining since 1991.

"We are measuring GDP growth... more the investment, the growth would be faster and quicker," he said.

In this Budget, he said, adequate corrective measures are necessary.

The banks were not in a position to lend for infrastructure, Mahtab said, adding that government should not lose sight of wider reforms in the public sector.

"There is a need to bring competition within the banking sector," he said.

NCP's Supriya Sule termed the budget as "long and tiresome" and attacked the government saying "they are living in a fairy-tale world".

The Budget, she said, exposed the failure "of this government when it comes to fiscal health".

She said while the government is talking about achieving USD five trillion economy, "we are not even barely crossing five per cent (growth)."