Govt Willing to Walk the Talk Through Higher Public Investments ANIL AGARWAL GROUP CHAIRMAN, VEDANTA RESOURCES

Mar 01 2015 : The Economic Times (Mumbai)

by Invite - Govt Willing to Walk the Talk Through Higher Public Investments

ANIL AGARWAL GROUP CHAIRMAN, VEDANTA RESOURCES





Budget 2015 is the right enabler to achieve growth

India is one of the world's fastest-growing economies. However, it operates far below its potential. Over the past few years, investments have slowed and there is an urgent need to revive the economy.

I believe the first full Budget of the new government is the right enabler to achieve growth. Special focus on infrastructure, both social and physical, would have significant benefit for our nation.

It is heartening to note that the government is willing to walk the talk through higher public investments. Higher public investments will be a catalyst for higher private investments and support a swift recovery, as private spending is key to long-run growth.

Manufacturing is a key policy objective of the new government, which identifies this sector as the engine of long-run growth. To this end, Budget 2015 has announced a series of cuts in customs and excise duties.This has the potential to promote domestic manufacturing and `Make in India' for creation of more jobs. Even as we embark on a high economic growth trajectory, our special emphasis should be on social infrastructure to bring the marginalised and poor sections of society into the mainstream. This is because 21.9% of our population is living below the poverty line. We are in the bottom 25% of all countries on the Human Development Index, and bottom 20% on the Gender Inequality Index.

Women account for nearly 48% of India's population. Thus, focus on women should be a priority for any budget.The vision of each house in the country having clean drinking water and a toilet by 2022 is commendable. There is a very close interdependence between water, sanitation, health, nutrition, and human well-being. We view water as a central resource for a sustainable India world's youngest nations and it is blessed with a demographic dividend. It is important for us to harness this immense potential. Thus, it is heartening to see that the government will soon launch a National Skills Mission. It is a step in the right di and are in the process of playing a very transformational role. We are successfully executing a crucial pilot in the state of Rajasthan and working together with the government and the community to improve water access and availability, and as a result transform lives of rural communities.

I ndia is one of t he rection and numerous initiatives on skill development will help improve employability and generate greater employment opportunities.

Numerous social security measures, particularly the universal social security system, announced in Budget 2015 will have far-reaching benefits for all Indians and poorer sections of society.

To conclude, the new government has pursued pro-growth initiatives and I believe Budget 2015 will continue the impetus to further boost economic growth and re-establish investor confidence.

The government is well positioned for a swift and efficient execution of pro-growth initiatives. Not only will this help bring in more capital and employment, it will significantly benefit society at large and help achieve aspirations of millions of Indians.