Face2News/Chandigarh
The Survey is a detailed, thoughtful, and insightful document that is strong on data and delineates cogent and well-argued policy suggestions. These are crucial for meeting the social and economic goalposts envisioned for the country.
It effectively analyses and captures the prevailing trends across all major sectors of the economy which could form a pivot for deliberations on the future course of the economy. CII hopes that some of the perceptions and ideas in the survey would find a place in the Union Budget to be presented tomorrow.
The government’s focus on reforms particularly on maintaining fiscal discipline, augmenting capital expenditure, strengthening social infrastructure, strengthening manufacturing, among others will provide a template for growth resurgence in the economy in the near future,” said Chandrajit Banerjee, director general of the Confederation of Indian Industry. (SUBHEAD)
Some of the other policy initiatives taken by the government, as mentioned in the Survey to boost industrial outlook such as Atmanirbhar Bharat and Make in India, the PLI Scheme for building scale, improvements in ease of doing business, an infrastructure focus, promoting international trade settlement in Indian rupees, among others would enable much better prepared to deal with the global uncertainties. This would give a fillip to the economy, unlock our huge employment potential and make growth more inclusive.
Statement by Sanjiv Bajaj, President, CII on Economic Survey
Reacting to the Economic Survey 2022-23 tabled in the Parliament today, Mr Sanjiv Bajaj, President, CII stated that the Survey offers a detailed, far-reaching, comprehensive and in-depth analysis of the Indian economy while presenting some interesting facts and figures and the most authoritative and updated sources of data. This would provide a rich repository of information and insights on the economy which would hopefully provide some idea on what the budgetary numbers could look like.
The Survey has eluded that the government is on track to achieve the fiscal deficit target for the year despite fiscal pressures, which is commendable. This would not only help maintain credibility and macroeconomic stability but would also create the space for increasing capex significantly, especially in the infrastructure sector, to drive the economic growth engine in the current year and beyond. “CII has been advocating that spending priorities should not come in the way of achieving the fiscal deficit targets for the year and has called for a roadmap for gradually reducing the fiscal deficit to achieve the goalpost of 4.5% by FY26.”
The Survey is spot on about the proactive government policies driving up the performance of the financial sector. According to the Survey, India is poised to emerge as one of the fastest-growing insurance markets in the coming decade, which is a significant achievement. Mr Bajaj complimented the Government for its sound management of the economy and for promoting growth with inclusion amidst challenging global developments.
