If Executed Well, 8% Growth Is Possible

Economists, CEOs, consultants, sector specialists interpret Nirmala Sitharaman’s ‘Never-before’ Budget

In one of the toughest years to present a Union Budget — when the Indian economy witnessed the sharpest GDP contraction in years due to the Coronavirus outbreak — Finance Minister Nirmala Sitharaman went all out to increase capital expenditure in infrastructure and healthcare, and unveiled plans to monetise state assets, privatise state-owned banks and insurance companies. Sitharaman had already raised expectations calling it the ‘Never Before Budget’ weeks before it was presented. On Budget day, the BSE Sensex responded with a gain of 2,315 points (5 per cent), its biggest rise after a Union Budget since 1999. Business Today spoke to economists, CEOs, consultants and sector specialists to gauge the mood of the country regarding Budget 2021.

Here’s what Arun Kumar, Chairman & CEO, KPMG in India; Ashu Suyash, MD & CEO, CRISIL; Mohit Malhotra, CEO, Dabur India; Ranjan Pai, Chairman, Manipal Education and Medical Group; Sachchidanand Shukla, Chief Economist, Mahindra Group; Saugata Bhattacharya, Executive Vice President, Business and Economic Research and Chief Economist, Axis Bank; Seshagiri Rao, Joint MD and Group CFO, JSW Steel; Uday Shankar, President, Federation of Indian Chambers of Commerce and Industry (Ficci), and Zarin Daruwala, Cluster CEO, India and South Asia markets (Bangladesh, Sri Lanka and Nepal), Standard Chartered Bank, had to say: