The Swadeshi Jagran Manch (SJM), an affiliate of the RSS, is not happy with Finance Minister Nirmala Sitharaman’s proposals on disinvestment in PSUs, privatisation of banks and increasing FDI limits in the insurance sector. The SJM usually pitches for swadeshi or indigenous production.

“The announcement of carrying out the disinvestment of BPCL, Air India, Shipping Corporation of India, Container Corporation of India, Pawan Hans, Bharat Earth Movers Limited, manufacturer of rolling stock for Metro is a cause for concern,” said SJM National Co-Convenor Dr Ashwani Mahajan.

He added that the proposals to privatise public sector banks and an insurance company were equally worrying and that it would be better if efforts are made to “improve the performance of these enterprises, and after that only their equity is disinvested in the market”.

“Sale through equity route would be a far better and transparent option,” he said.

On raising the FDI limit in the insurance sector from 49 percent to 74 percent, he said that it was worrisome because “increasing foreign dominance in the financial sector is not a prudent step”, as it “impacts the development of the country”.

However, SJM did appreciate the Finance Minister for presenting a Budget that will help revive the economy, impacted by the COVID-19 pandemic. “Despite a fiscal deficit of 6.8 percent next year, not only will we be able to have high growth of GDP, but also increase employment opportunities, hampered during the pandemic,” he said.

SJM also appreciated the government for its “judicious spending” on those who lost their jobs and livelihood due to the pandemic, by providing them with food and other essentials. The RSS affiliate also welcomed the government’s proposal to allocate more funds for infrastructure, announce new infrastructure projects, revive those industries shut due to Chinese imports, increase spendings on health by 137 pe cent, among others.

“Despite being a developing country, the way in which India has dealt with pandemic is exemplary. We hope that we are equally successful in bringing the economy back on the growth trajectory soon,” said Mahajan.

(Edited by : Aditi Gautam)

First Published:Feb 2, 2021 2:54 PM IST