Union Minister Hardeep Puri: Budget 2021 signals we will spend our way out of crisis

Feb 05,2021

Union Budget 2021 got thunderous applause from the stock markets, with the Sensex closing 2200 points higher on the same day. Now the Narendra Modi government needs to focus on the execution of all that has been announced. To get a sense of that, we put Union Minister Hardeep Singh Puri in the hot seat. He is, after all, a senior member of the Council of Ministers, with important portfolios like Civil Aviation and Housing.

"There is an overall sense of relief in the country...the Union Budget sent a clear signal that we will spend our way out of the crisis...Those who would have criticised the fiscal deficit ballooning to 9.5% are also welcoming the move," Hardeep Puri told ET Now's Nayantara Rai in an exclusive interview.

He will also have to oversee the privatisation of the national carrier Air India, and that's crucial given the ambitious target of Rs 1.75 lakh crore set by Finance Minister Nirmala Sitharaman in the Union Budget for 2021-22.

"Even I don't know who the bidders are for Air India..there is a transaction advisor and my job is to ensure everything is done properly and above board," said Puri.

He will also be overseeing the privatisation of airports, and that also was something the Finance Minister spoke about in her speech.

"We will privatise 12 airports in the coming months," revealed Puri in the interview to ET Now.

The plan is to build 100 new airports, and that will also be funded by the privatisation scheme of airports. This is all part of a larger scheme to make India a global aviation hub. "The Jewar airport will be operational by 2021. When its operational, Delhi and Jewat will handle 140-150mn passengers. That's more than Heathrow and Gatwick," said Puri.

The Minister also conceded domestic air traffic is not back at pre-covid levels but did say airfare caps will go very soon, maybe in weeks.