Webinar on “Atmanirbhar Bharat with Shri Jayant Sinha -Chairman, Standing Committee of Finance, Government of India

Shri Jayant Sinha, Member of Parliament and Chairperson for Standing Committee on Finance, Government of India addressed a webinar organised by FLO Kolkata on Atmanirbhar Bharat. He underlined the country’s need to have the ability and financial resources to grow without help for building a strong and self-sufficient India which can look after itself as ‘Atmanirbhar Bharat’

After joining parliament, Sinha was a member of four parliamentary committees. His career in the Ministry of Civil Aviation was like a feather in the hat, as it has been widely appreciated. He led to the complete transformation of India’s aviation ecosystem by making India now the world’s third-largest domestic aviation market with its fastest-growing large aviation market in the world.

These inspired our FLO Members to ask many questions ranging from detail questionnaire/insights on Atma Nirbhar Bharat Abhiyanto the country’s fiscal stimulation credit infusion by such package& also to its consumption boost.

Some of the highlights of the “Atma Nirbhar Bharat” session were:

Characteristics of the Pandemic:
Our current pandemic of such magnitude wasn’t seen before, & it’s like a once in a century event. Therefore the lockdown decision of our Honourable Prime Minister Shri Modi ji since 24th March2020 was powerful decision in many ways. The Tragic circumstances, the suffering faced by our migrant workers& the frightful loss of lives in our country & worldwide, therefore are highly affecting the GDP with its decline by4-5% this year. This is a tragedy of epic proportions.

Turn-up of Atma Nirbhar Bharat Abhiyan:
Despite this epic crisis, India is relatively well-positioned in demonstrating how it rises up to challenges and uncovers opportunities therein. Therefore Sinha Ji has focused on the 4 positive heads for quick cope-up.
(a) Young population in India- therefore lesser risk of increase of death rates
(b) People looking to diversify their supply chain – multiply production bases across the globe.
(c) Fiscal pressures ain’t that urgent- have the opportunity to spend on infrastructure on fast-growing companies.
(d) The leadership of Our PM Modi ji.This is where this Abhiyan come onto play. Our honourable Prime Minister hereby tried focus on the compelling & inspiring vision to rally everybody to build onto a better & United India& give a singular unitary purpose.

Meaning of Atma Nirbhar Bharat Abhiyan:
The way Shri Sinha Ji has characterised it under three Dimensions:(a) Competitiveness- Here modiji has said, we need to plug onto global chain supplies, like being vocal for local. And the Indian companies have to be competitive by participating onto global supply chains.
(b) Sustainability- Follow well- a developed framework with 17 different indicators like Embracing gender equality, climate change, etc and in all cases we have to pursue sustainable development, healthcare, improving human capital. And building a healthy & strong Nation for long-run with Competitiveness for today & sustainability for tomorrow is the prior task.
(c) Resilience–About the ability to deal with shocks like pandemics & calamities &global crisis & uncertain future consequences.

Focus of the Abhiyan Package.
To transform India onto a Self-Reliant Country India that is Atma-Nirbhar, & can bring more prosperity & security.
(a) 1st Part – Stabilizing Financial System-
To provide liquidity & credit support to bring in the economy, so provide financial support to banks& 3lakhs support package for MSMEs to support them with 20% more extra credit for difficult times.

(b) Supporting the Most Vulnerable–
Providing food to 80 Cr people in a universal way through the PDS system. Govt. is moving towards one Nation, One Ration card where even a migrant worker can avail free food with a strong safety net.

(c) Strengthening Agriculture –
Steps been taken to remove APMC. Like removing commodities act, contact farming restrictions & opened up agriculture agritech in a way that has never been done before industry.

(d) Strengthening Defence –
Increase more domestic production of our defence equipment. Recently included 5 fighter jets at Amabala & more 31 to add-on, thereby making India’s air much more powerful & stronger.

(e) New National Education Policy –
A step, by investing & strengthening our human capital by moving away exam-based approach to education to a skill& learning-based approach& making it streamlined. Providing multiple entry& exit points in education & giving different types of degrees.

Shri Jain Sinha Ji has beautifully coined up& narrated our Prime Minister’s Vision of this Abhiyan Package onto a much simpler version. And whilst his interaction with Shri Sunil Kanoria (Vice Chairman of Srei Infrastructure Finance Ltd.) he even clarified how moratorium regulator of RBI can be a lifesaver for debtors to get-through this phase, even whilst revenues & cash flows have decided.

Few industries like travel tourism, hospitality would be on the long-term depressed list & special relief would be provided for them. Else 90-95% of the economy would be resumed by the festive season 2020. He even assured that by the timeline of Nov-Dec we may have 2-3 vaccines put onto mass immunization, as that atre currently on phase3 trials.

It was an interactive and a very candid session with Shri Jayant Sinha Ji along with Shri Sunil Kanoria Ji (Vice Chairman of Srei Infrastructure Finance Ltd), Smt. Jahnabi Phookan (FLO Nation President 20-21) who made it possible to make this session our FICCI Flo Kolkata Chapter’s Second National Event. , Smt. Renuka Shah (Past National President, Founder Chairperson Kolkata) & Smt Sunita Kanoria (Day Chair).

FICCI FLO Kolkata felicitated a donation of 400 free meals on for Covid-Relief (200 each) on behalf of Shri Jayant Sinha Ji & Shri Sunil Kanoria Ji with the help of Akshay Patra Foundation.