Mr Uday Shankar, President, FICCI, commenting on upcoming budget said, "The government has been taking a series of bold initiatives to boost the economy that's already reviving strongly. The next budget is an opportunity to provide catalysts to this process. We should look at out of the box measures to accelerate growth and stimulate demand. FICCI has also recommended special focus on sectors that are important for the long-term revival of the economy."
"After the initial setback on account of COVID-19, we have also seen the best of entrepreneurship. Transformational reforms have been introduced by the government at a scale and speed not seen before. It is time to take things forward and build on the country's growth agenda so that we return to the path of high growth as soon as possible. We expect the government to introduce more growth- oriented measures in the next budget as well as look at some innovative ways to shore up its own finances. Additionally, there is a need to strengthen the social sectors particularly education and healthcare. Unlocking private sector capital in these sectors should be a priority especially when these sectors have been devastated due to COVID-19 and require a major infusion of investments," he added.
"Finally, to take forward the financial inclusion agenda as well as meet the financing requirements of a growing economy, we hope reforms in the banking sector would also attract government's attention. We need more banks in the country as well as a Development Finance Institution that can provide funds for industrial projects at low rates of interest for long tenures. With digital economy being the clear differentiator amongst countries in terms of their growth performance, we also request the government to look at incentivising start-ups as well as technology businesses in areas such as AI, ML and other digital technologies," said Mr Shankar.
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