Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman said that while the Union Budget 2021-22 provides for enhanced capital Government, it also envisages private sector participation in a big way. Smt. Sitharaman addressed top CEOS at an expenditure by the virtual interaction with the Confederation of Indian Industry (CII) on the Union Budget 2021-22 here today.
The Finance Minister elaborated that though the Government will provide some capital for the proposed Development Finance (DFI), the DFI will also raise capital from the market. In addition, the DFI Bill will provide legislative space for private DFIS. Similarly, the Asset Reconstruction Company (ARC) for the Institution of non-performing management assets (NPAS) will be floated as a holding company by the banks themselves, with support from the government.
Kotak reassured the Finance Minister that the private sector will help transform India alongside the Government for the common purpose of building a truly great India. Dr Ajay Bhushan Pandey, Finance & Revenue Secretary, Shri Somanathan, Secretary, Expenditure and Shri Tarun Bajaj, Secretary, T. V. Economic Affairs besides more than 180 industry captains from across the country, participated in the interaction.