Budget 2021 sends right signals but will wait for execution: Kiran Mazumdar-Shaw

The Narendra Modi government has sent the right signals in its budget for 2021-22 to revive economic growth and create jobs but implementation of the proposals will be critical to be meeting the targets, Biocon Ltd chairperson and managing director Kiran Mazumdar-Shaw said Monday.

“I like the messaging, the signals, but I would be happy only if we implement [the budget proposals]. The intent is very good but we fall short on execution,” Mazumdar-Shaw said.

Speaking to YourStory after Finance Minister Nirmala Sitharaman tabled the Union Budget for the next fiscal year in Parliament, Mazumdar-Shaw said the government is focussing on mega projects in sectors such as highways, ports, renewable energy and healthcare infrastructure to create jobs.

The government, she said, hoped to create a large allied workforce via investments in the healthcare sector—whether through the National Digital Health Mission or a universal healthcare programme.

Referring to the amount Sitharaman earmarked for the Covid-19 vaccine and to a new scheme, Mazumdar-Shaw said the budgetary allocation to the healthcare sector was “commendable”.

In her speech, Sitharaman proposed Rs Rs 35,000 crore for the vaccine and set aside another Rs 64,180 crore for the PM AtmaNirbhar Swasth Bharat Yojana over six years. The new scheme will develop capacities of primary, secondary and tertiary care health systems, the minister said.

Mazumdar-Shaw, however, criticised the slow pace of the vaccine deployment in India so far. This she blamed partly on a “standoff” between the private sector and public sector.

She also expressed concern over the implementation of the government’s divestment, privatisation and asset monetisation agenda.

“The trick is how soon can the government do this. The LIC IPO might be the easiest to do but divesting Air India or other public-sector companies is not easy,” she said.

“I worry about these getting mired in roadblocks and endless iterations.”

For YourStory's multimedia coverage of Budget 2021, visit YourStory's Budget 2021 page or budget.yourstory.com