Bangalore: Finance Minister Nirmala Sitharaman defended the deficit figures in the Union budget on Monday (February 17) and described it as "absolutely realistic". She said: "… We gave a realistic picture and were able to state a value of 3.5 (budget deficit target) for the coming financial year", while she spoke at a press conference.
The FM said, "I think this budget was absolutely realistic in terms of both revenue generation and what we can spend or borrow. So the numbers are absolutely realistic considering the economy and the fact." why we could give the way "
On inflation management, she said, with the exception of seasonally perishable goods, which are a significant size in the shopping cart, with the exception of seasonal fluctuations, the prices of most goods, and especially food products, were kept within acceptable standards. "So we are confident".
Sitharaman replied to a question that the Vivad se Vishwas program (which was announced in the budget to settle disputes between the income tax department and taxpayers) was very curious and that people can do it in a day or two later Finance department share the information.
Regarding "people who lose trust in cooperative banks" and the recent RBI announcement that restrictions were placed on such a bank, the FM said the government had taken concrete measures in the recent budget by depositing Rs 1 lakh to Rs 5 lakh, adding: "… (this) has not been done in decades … We have also tabled a bill to amend the Banking Regulation Act to include cooperatives."
Sitharaman said to Yes Bank, which is said to be under stress: "The Reserve Bank is the supervisory authority of the banks. I do not name a specific bank, I am sure that the Reserve Bank plays its role as a supervisory authority that monitors and tends to the banks she cares. "
Regarding the recent Supreme Court order for a telecommunications company to pay its EGR arrears, Sitharaman said the telecommunications ministry would decide whether the offending telecommunications companies would pay the adjusted gross revenue (AGR) arrears.
She said: "The telecommunications ministry dealt with telecommunications companies shortly after the Supreme Court ruling on February 14th. I'll wait until I hear the ministry's decision."
The previous Friday, bank Airtel and Vodafone Idea, headed by Justice Arun Mishra, had ordered the EGR fees to be paid immediately to avoid contempt for the court.
On the same day, the telecommunications department withdrew its letter, saying that it should not take coercive measures if they fail to pay the fees on time.
The FM said: "The Telecommunications Ministry has been in contact with Airtel and Vodafone Idea since the Apex Court ruled. It will only be appropriate to hear from the Ministry about the verdict."
In particular, the Minister of Finance was here on a one-day visit to explain the Union budget for 2020-21 to representatives of industry and commerce, including start-ups.
(With agency input)