Sitharaman in her 2021-22 Budget speech, had announced a big-ticket privatisation agenda, including privatisation of two public sector banks and one general insurance company.

Prime Minister Narendra Modi on Saturday said that India’s economy recovered more strongly as compared to the impact it suffered due to the COVID-19 outbreak.

Export-oriented sectors such as IT, metals are doing extremely well. India's GDP has a reasonably high correlation with its export performance. 2004-05 to 2011-12, were all almost 20 percent export growth years and those were the years when the GDP was over 8 percent, even over 9 percent in several years. From 2012 onwards, exports growth declined in practically every year, largely because global trade slowed down, which put pressure on the GDP as well.

The move assumes significance on the part of Switzerland as well as the European Alpine nation is trying hard to reposition itself as a key global financial centre while warding off the long-persisting perception about the Swiss banking system being an alleged safe haven for black money.