Mumbai (Maharshtra) [India], February 1 (ANI): Ahead of the presentation of the Union Interim Budget, Ajit Mangrulkar, Director General of the IMC Chamber of Commerce and Industry, highlighted the need for constant infrastructure investment for robust economic growth and stability.
“I think infrastructure has to be the key focus. India has been lagging in infrastructure and in the last couple of years we have seen that this government has put in a lot. We have seen a lot of projects that have come to fruition this year itself and any more that are in the pipeline will be implemented. So, I think, that is going to be a constant–infrastructure investment. Because infrastructure creates so many other opportunities, it creates investment and employment. It develops the area around the infrastructure development. So, I think that’s an area we are going to see and it’s for the betterment of the country and its holistic growth,” said Ajit Mangrulkar, Director General of the IMC Chamber of Commerce and Industry.
The interim budget will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls. A full budget will be presented by the new government.
Samir Somaiya, President of IMC Chamber of Commerce And Industry said, “This is an Interim Budget, so there will be some limitations. But I think they will underscore their priorities. I also think that when you look at the demographic dividend that the country has – we have such a large young population, you need to also skill them if you need them to be ready for the kind of infrastructure, defence, space, agriculture, precision farming and the whole startup infrastructure that they also need to create. So, I think they will continue to build this ecosystem to build a virtuous cycle so that India continues to grow at 6.5% and more.”
Meanwhile, the Executive Director of the IMF and the former Chief Economic Advisor, K. Subramaniam said on Thursday that the government will take forward what it has done in the last few years.
“For the expenditure till then, there are not many steps involved, just like I remember that in 2019, when I was in government, PM Kisan and the standard deduction were increased because the economy was in very good condition. The growth rate of 7.3% is likely to continue, so according to me, the government will take forward what it has done in the last few years and there may be some steps forward,” added the former economic advisor K Subramaniam.
He said that the PM Kisan amount could be increased to about 8000 per month.
“In PM Kisan, it should be increased to about 8000; apart from this, something can be done for the females. As we have seen in the report of the Chief Economic Advisor, which came recently, the labour force participation rate is quite good, and so it should be encouraged further. Some steps can also be taken to further promote women’s power,” said K Subramaniam
The Union Finance Minister will table the interim budget as the Lok Sabha polls are due to be held this year. This will be her sixth budget as the Finance Minister and last in the second term of the Modi government.
The Indian economy is projected to grow close to 7 per cent in the financial year 2024-25 which starts this April, said the Ministry of Finance in a review report.
India’s economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22. The Indian economy is expected to grow 7.3 per cent in the current financial year 2023-24, remaining the fastest-growing major economy.
The last full Budget of Modi government 2.0 had proposed to increase capital expenditure outlay by 33 per cent to Rs 10 lakh crore in 2023-24, which would be 3.3 percent of the GDP. It was almost three times the outlay in 2019-20. (ANI)
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