BW Businessworld gets M. Govinda Rao, member, 14th Finance Commission; Arun Kumar, former JNU economist; Yoginder K. Alagh, former Union Minister; and Lord Meghnad Desai, British economist, to debate the key priorities for the Union FM Nirmala Sitharaman in the run-up to the Union Budget. Edited Excerpts: By Team BW
What should be the key priorities in Union FM Nirmala Sitharaman’s maiden Union Budget?
M GOVINDA RAO (MGR): Accelerating the growth of the economy and creating employment are the two most important priorities. There is also the issue of alleviating farm distress, but agriculture is a state subject in the Constitution. With the capacity utilization in the industrial sector reaching a high level, much of the growth has to come from new investments. This requires increasing public investments, rejuvenating industrial climate, inter alia, and banking reforms to make them lend more.
ARUN KUMAR (AK): One can’t predict what the FM would do. My suggestion would be to address the problems faced by the unorganized sector urgently. The current slowdown in the economy originated in the unorganized sector has been declining since the demonetization. It was further hit by the Goods and Services Tax (GST) and then by the Non-Banking Financial Companies (NBFC) crisis. Attempt to force digitization is further damaging it. This has led to the demand shortage, which is now impacting the organized sector. To revive the unorganized sector, a simpler GST (which I have been proposing) is required and credit availability to this sector improved. Businesses in this sector are short of working capital and cannot cope with GST, even though they are exempt from registration under GST. The farming sector is a major component of this sector and needs support because the farmers’ incomes have been affected adversely. All this has also impacted the employment generation. So, investment in employment generating sectors like education, health, and rural infrastructure need to be greatly stepped up.
هذه القصة مأخوذة من طبعة June 22, 2019 من Businessworld.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة June 22, 2019 من Businessworld.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Gauging Trumponomics For India
Despite some shortto mediumterm headwinds in trade and immigration, the broader Indo-US vision of counterbalancing China’s influence is expected to ensure continued cooperation under Trump 2.0
Reflections on Consciousness and Creation
Indian-American DEEPAK CHOPRA on the nature of the universe, the digital fabric of existence, and the power of a conscious mind
MORE TAKE TO DRIVING IN STYLE
High-end luxury vehicles are no longer part of a niche market, but a rapidly expanding segment of automobile sales, driven by changing consumer preferences, rising disposable incomes and better infrastructure
India's Growing Affinity for Swiss Watches: A Luxury on the Rise
NDIA'S ROBUST ECONOMIC growth, projected to exceed 6 per cent in 2024 and 2025, is fostering a rising demand for aspirational products. As disposable incomes increase, particularly among the expanding middle class, luxury goods such as Swiss-made watches are gaining popularity.
An ENRiching Outlook
KPMG's latest report shows energy CEOs being optimistic about the sector's outlook. ANISH DE, Global Head, ENRC, KPMG speaks to BW Businessworld's Arjun Yadav on what's driving this confidence
Paving the Path to a Sustainable Future
Salesforce's ESG journey has made an impact beyond the company. SUNYA NORMAN, SVP of ESG Strategy and Engagement at Salesforce, shares more on how the tech giant integrates sustainability into its core operations, supporting global goals while empowering employees
LEADERSHIP TRANSITION AT XIAOMI INDIA
Xiaomi India is experiencing a leadership evolution, beginning with Muralikrishnan B's departure as President by the end of 2024. This change underscores Xiaomi's shift towards nurturing local talent amidst dynamic global shifts. The story tracks key transitions from Manu Kumar Jain's leadership to Muralikrishnan B's impactful tenure, along with recent strategic hires, highlighting Xiaomi's alignment towards market adaptability and consumer focus
WEAVING SUSTAINABILITY
Once a modest home textile manufacturer, Jindal Worldwide has evolved into a vertically integrated textile powerhouse, spanning critical segments of the yarn and fabric value chain
FORCE FOR GOOD
FY24 saw capacity expansions for Century Enka in nylon and polyester segments, along with investments in modernisation, renewable energy, and safety initiatives
REIMAGINING TOMORROW
For V-Guard, tomorrow signifies progress, driven by today's actions, setting the foundation for future growth and value creation for all stakeholders