“ THE ECONOMY IS A BIG CHALLENGE BUT WE ARE UP TO IT ”
Q How does it feel being the finance minister when all the major economic indices, including the GDP, are down? Don’t you feel depressed looking at the numbers?
“We have made big provisions for infrastructure, which has had a bearing on jobs, and for public expenditure in health, which will make a big impact on health indices”
A. I take it as a big challenge that calls for a lot of focus and attention to make sure that we are able to, every now and then, come up with steps that will help people. I don’t want to say numbers do not worry me, but I also have to think of the sufferings of people on the ground and the tragedy that has struck so many families. So, that is something lying heavy in my heart. I have to respond in such a way that it is addressed even if not completely resolved.
Q. The Modi government has got plenty of flak for its handling of the second Covid wave.
A. I won’t blame anybody. The immensity of the problem, the speed with which the second wave attacked us, people have obviously gone through a very deep, tragic experience. It is natural for the government to be questioned. We have to quickly extend help to the people and ensure that the system is improved.
Q. Despite the relatively encouraging Q4 results, India’s GDP contracted 7.3 per cent overall in FY21. What is your assessment of the macro-economic impact of the lockdown in various states during the second Covid wave? How sure are you of ushering in the economic growth India needs to get out of the rut we are in?
First, it is too early to assess the impact of the second wave. It’s different from last time; it is now being managed by the states with lockdowns of varying intensity. The scale and intensity of the second wave are sharply different from the first one. Secondly, the Aatmanirbhar packages we announced—some of them just before the Union budget—have shown results.
