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Deprivation Of Indians Is Biggest Problem From Last 75 Years: Mohandas Pai
India's fiscal deficit is down to about six points to Rs 6.4 lakh crore and the quality of spending is very good. So, as far as this year's target is concerned it is also very balanced
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As India's Union Budget 2023-24 is all set to take India towards the developed nation goal, Mohandas Pai, Chairman, Aarin Capital praised the central government and said, "Increasing the capital expenditure to 10 lakh crore next year is a very good step by the government.”
In a conversation with BW Businessworld on Budget Day, he said, "Indian railways to get Rs 2.4 lakh crore and roads should get an equal amount because I think our competitiveness has been held back by the fact that there were supply chain costs at 14 per cent of GDP and has come down to 12 per cent because of GST it should have come down to 8 per cent to improve the road infrastructure. One can travel faster and safer."
On giving priority to tier two and tier three cities for creating jobs, Pai said that focus on the urban sector and creating an urban development infrastructure fund like the rural infrastructure fund, where banks can put in money for the shortfall in priority sector lending, would be beneficial.
As a result, it works well in Tier 2, Tier 3, and Tier 4 cities. More and more people are going to live in urban areas, and they are engines of growth because urbanization creates a concentration of human activity, he added.
The Chairman pointed out that constant human activity leads to increased specialization, and increased specialization leads to increased productivity and income.
Pai also stated that the deprivation of Indian people over the last 75 years and not providing them basic facilities was the biggest problem in India but the Modi government has taken care of providing a roof over the head to every Indian, water in the tap and money in the bank account.
"India's GDP will go up to Rs 273 lakh crore and USD 450 billion in a year. The revenue numbers are up. Both the direct and indirect taxes, the corporation tax and tax on income are going up by about 15 per cent. The budget underestimates the tax. The total tax is going up from Rs 27.57 lakh crore to 30.4 lakh crore, and further, it will reach about Rs 31.5 lakh crore by the time we finish, because if you look at the latest figures in the first week of January, it shows that direct taxes net of free funds are growing at around 19 per cent," said Pai on the Union Budget 2023-24.
He further added that India's fiscal deficit is down to about six points, to Rs 6.4 lakh crore and the quality of spending is very good. So, as far as this year's target is concerned, it is very good.