Budget shows govt's thinking on importance of private sector's involvement: NITI Aayog CEO

NITI Aayog CEO Amitabh Kant on Monday lauded Finance Minister Nirmala Sitharaman's announcement of the Union Budget, stating that it shows the government's thinking that it is essential to involve the private sector in the long run.

"This is a superb budget and the reason why it is superb is that it will not only accelerate us to a pre-COVID period recovery stage, but it will also provide a direction for the next three to four years," Kant told .

"The government has clearly focused on infrastructure and asset monetisation this time, as where assets are created, it is important for the private sector to be involved. It has also clearly conveyed that some banks and an insurance company will be privatised and they further increased Foreign Direct Investment (FDI) in the insurance sector. This shows the government's thinking that it is essential to involve the private sector in the long run," he further added.

Kant further called it a very practical, rational and progressive Budget, adding that its most important feature was that tax was not tampered with and no new cesses were imposed.

Sitharaman introduced the Union Budget 2021-22 earlier today, which is being delivered in paperless form for the first time.

During her third budget speech, proposed to amend the Insurance Act 1938 to increase the permissible Foreign direct investment (FDI) limit from 49 per cent to 74 per cent in insurance compes and allow foreign ownership and control with safeguards.

She also announced the highway infrastructure plan for four poll-bound states -- Tamil Nadu, West Bengal, Kerala and Assam.

( With inputs from ANI )