Union Finance Minister Nirmala Sitharaman on Saturday during a meeting with stakeholders said that growth was the main focus of the Budget 2023 presented by her. The budget establishes both fiscal consolidation and growth, especially inclusive growth, Sitharaman said.

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She gave credit for ensuring growth to the people of the country, who absorbed the relief and policy measures introduced by the government since the onset of the pandemic to make India the second-fastest growing economy.

Sitharaman said it was the "express desire" of Prime Minister Narendra Modi to continue with the elevated public capital expenditure, due to which she has proposed a higher outlay of Rs 10 lakh crore under the head.

She also thanked the budget-making team for making it possible to devote such a high quantum of resources for the task amid the myriad challenges like the need for fiscal consolidation.

"Mumbai should be liking it (the proposals)," Sitharaman said.

Regulators monitor developments around Adani situation

Sitharaman said that regulators are monitoring the developments on the Adani Group and they are independent to function.

Banks and Life Insurance Corporation came out with their exposure to the Adani group. FM said that the Reserve Bank of India issued a statement on the subject. "The market has functioned in prime condition. SEBI (the Securities and Exchange Board of Idia) has worked on it well," said Sitharaman.

After a research study by US short seller Hindenberg revealed flaws in its accounting and valuation, the Adani group found itself in trouble. Since then, the stock of the companies owned by the Adani group have plunged.

Also Read: Adani Group Companies: Rs 9 lakh crore market capitalisation lost in six sessions

On Adani FPO

Sitharaman added that in the last two days amid the Adani crisis the foreign exchange reserve has gone up by eight billion. "FPOs come and go. These fluctuations happen in every market. But the fact that we had eight billion come in last few days proves that the perception about India and its inherent strength is intact," FM said.

Also Read: Adani Enterprises calls off its Rs 20,000 crore FPO

First Published:Feb 4, 2023 3:27 PM IST