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Union Budget Reaction Quotes by Essar

Quote by Prashant Ruia, Director, Essar Capital

“Finance Minister Nirmala Sitharaman's Budget 2021 statement attempts to put a medium to long term foundation to the emergency measures undertaken by the government in the first nine months of the pandemic. By all measures, the government has done a fine job at reviving the growth impulses in the economy.

This Budget, therefore, attempts to reinforce the health, physical and financial infrastructure so that the economy is never ever caught in a similar situation. What is also truly radical is that the governments has outlined a vision of increasing its focus on strategic investments and monetising government assets at the right time.”

Quote by Mr. Sanjay Palve, Senior Managing Director, Essar Capital Ltd.

“This is a ‘spend big’ budget with clear focus on banking and infrastructure sector which is exactly what the economy needed and in sectors that required it. Especially the manner in which the FM has sought to clean up the balance sheet of banks by creating a bad bank for stressed assets. This will certainly give banks the elbowroom they need to start lending aided by the proposed Development Finance Institution with ₹ 20,000 cr capital. All these initiatives will spur corporate investments. With this comprehensive approach, the FM has reset the economy for a V shaped recovery.”

Quote by Mr. Rajiv Agarwal, CEO and MD, Essar Ports Ltd.

“The budget 2021 is extremely positive, driving the country towards Aatmanirbhar Bharat by laying huge stress on health care, infrastructure, banking and insurance, textile and agriculture that will aid the country not only towards economic revival but also spur growth. The Infrastructure spending is going up by 34% through NIP  and a welcome Focus on boost in Road and Railway infrastructure with new economic corridors planned will certainly help the growth of the logistics sector and will lead to enhancing trade in the country.

The announcement of the launch of the National Asset Monetisation Pipeline which will include Transmission lines of Power Grid, oil and gas pipelines, airports, toll roads etc will be a game changer. Government's increased focus on the infrastructure sector will certainly bring in positive measures for the holistic growth of the logistics and maritime sector. No new tax is a very big positive in these times.

This budget is worthy of upgrading India to AAA considering that we are one of the strongest economy and have shown the revival and resilience in most difficult conditions.”

Quote by Capt Rahul Bhargava, COO, Essar Shipping Ltd

“FM has announced a new scheme to be launched for flagging of merchant ships in India by providing subsidy support to Indian Ship owners. Fund allocation is ₹ 1624 crore to be provided over 5 years. This will give boost to Indian ship owners in acquiring ships to service tenders floated by Ministries, resulting in increase of Indian flag ships. With increase in fleet, more job opportunities will be created.

Job creation has been one of the foremost agenda under the Budget, FM announced Indian ship recycling has acceded to Hong Kong Convention. Most of the recycling yards are now compliant to new convention. By 2024 the capacity of the yards will be doubled, leading to creation of skilled and unskilled jobs.

SCI privatisation as part of the disinvestment scheme of the government of its CPSE units is likely to bring more efficiency & the improvisation in business & operations from India. The privatisation will bring in foreign investments that will have an overall improved impact in the Indian shipping industry.

Under the AatmaNirbhar Bharat programme, renewed trade flows will come into existence with reduced dependence on China.”