Finance Minister Nirmala Sitharaman on Thursday stated that the industry is in revival mode and numerous Budget proposals are in sequence, together with disinvestment, even though a fresh surge of coronavirus infections and economic lockdowns.

The government, the minister told about steps being taken to administer the second wave of COVID-19 concerning the supply of medicines and oxygen.

Industry in revival mode, numerous Budget proposals in sequence: Nirmala Sitharaman

While the second wave of the pandemic has been confronting on many stages, the government has been making resolutions, including on import of medical oxygen, and expanding the supply of medicines, she spoke at a webinar organized by the Financial Times and The Indian Express.

“We have to wait and watch a bit and then we have to take a call but at the moment activities are all happening, the industry is still on its recovery mode, and therefore, I won’t rush to think that this will hurt us if we are able to coordinate better,” she said.

She additionally talked about the Budget proposals concerning disinvestment and the frame-up of the Development Finance Institution (DFI) are on route.

“This morning when I met with secretaries, the mood and also the way in which we have planned out for disinvestment, setting up DFI, looking at the Asset Reconstruction Company (ARC), everything is on course,” the minister said when asked whether the second wave will derail Budget proposals.

The government intends to garner Rs 1.75 lakh crore by trading stakes in state-run companies, including privatisation of two banks and one state-run general insurance company.

Quoting the Prime Minister, Sitharaman declared that there will not be a country-wide lockdown imposed as comparable to 2020.

A new surge of infections has begun to confined contaminants in some parts of the country, changing the movement of people and goods.

The finance minister stated that it was too quick to say if the limitations are going to attack India ahead this week.

India recorded over 3.14 lakh new coronavirus cases in a day, the highest-ever single-day count shown in any country, taking the total summation of COVID-19 cases in the country to 1,59,30,965, according to the Union Health Ministry data renewed on Thursday.

A total of 3,14,835 fresh infections were listed in 24 hours, while the death toll escalated to 1,84,657 with a record 2,104 new fatalities. The national COVID-19 recovery rate dropped below 85 per cent.

On the India-EU trade pact, Sitharaman said India sets a lot of interest in the trade agreement with the US and the European Union.

The interventions between India and the European Union on a free trade agreement have been postponed since May 2013, when both sides sank the bridge to abundant gaps on critical issues, including data security status for the IT sector. The negotiations with the 27-nation grouping were propelled in June 2007.